The Power Is Now Magazine | May, 2021

HOW AFFORDABLE HOUSING IMPACTS THE NEIGHBORHOOD Page 20

VERNON J. THE MILLENNIAL WHO CREATED EQUITYCOIN Page 28

MAY 2021 Vol. 08 | Issue 5

ROBERT REFFKIN

FOUNDER & CEO OF COMPASS INC. Page 74

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HAVE YOU READ OUR PAST ISSUES YET? the power is now

magazine CENTRAL EDITION Vol. 08 | Issue 5

Eric Lawrence Frazier, MBA Publisher Office: (800) 401-8994 Ext. 703 Direct: (714) 361-2105 eric.frazier@thepowerisnow.com www.thepowerisnow.com EDITORIAL TEAM Sheila Gilmore Editor in Chief (800) 401-8994 ext. 711 sheila.gilmore@thepowerisnow.com Daniels George Managing Editor (800) 401-8994 ext. 712 daniels.george@thepowerisnow.com Goldy Ponce Arratia Graphic Artist and Design Manager goldy.ponce@thepowerisnow.com

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CONTENTS

MAY 2021 POWER LENDING Pg. 22. New report: 900.000 black households misght miss out on homeownership!

Pg. 24. A crisis in the3.2 million homeowners at risk of loosing their homes.

POWER TECHNOLOGY Pg. 28. Vernon J. The Millennial Who Created EquityCoin: The First Digital Token on the Blockchain Backed by Affordable Housing.

Pg. 30. ‘Google’s Plan to Train 100,000 Black Women in Digital Skills by 2022. How Is It Going?

POWER GREEN Pg. 8. Biden’s plan on Climate Change will likely face challenges in the evenly divided senate.

Pg. 10. To achieve green goals, we need to rethink systemic change, circular economies, and climate actions.

POWER ECONOMICS Pg. 12. Deglobalisation, inequality, remote working key economy-shaping trends in 2021.

Pg. 16. The road to recovery for President Joe Biden in fixing the economy.

POWER REAL ESTATE Pg. 18. A Growing Number of Millennials Say ‘No’ to Homeownership.

Pg. 20. How Affordable Housing Impacts the Neighborhood.

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IN OUR CENTRAL EDITION: Pg. 34 Is now the right time to sell your commercial real estate property? by Steve Peterson.

Pg. 39. How much does it cost to sell a home in Arlington, Tx, by Johnnie Morine.

IN OUR EAST COAST EDITION: Pg. 45. Maryland: May 2021 data at a glance, by Emerick Peace.

Pg. 49. 10 strategies to start using today to be more profitable in real estate, by Adriana Montes.

IN OUR WEST COAST EDITION: Pg. 55. Arizona 2nd quarter real estate updates, by Yvonne McFadden.

Pg. 59. Downsizing? No Problem but make sure you’re doing it right, by Peggie Simons.

Pg. 63. How to deal with bidding wars in Corona, CA, by Kamesha Keesee.

Pg. 67. Relocating? Maybe you should consider these 5 Fontana Neighborhoods, by Ameer Elahee.

Pg. 71. First Time Buyer Guide: Know exactly what to ask for from your mortgage lenders, by Ruby Frazier.

Pg. 74. About Robert Reffkin: Founder & CEO of Compass Inc. Pg. 79. Debunking real estate investment myths in Irvine: It is not possible to buy in Irvine with little to no money down! by Cornelius Jackson.

Pg. 83. Corona Housing reports: May 2021 trends, data, and appreciation rates, by Jenny Gonzalez.

Pg. 87. Foreclosed properties for sale: A guide to your foreclosed properties for sale, by Danon Burnside.

Pg. 91. San Diego Property guide: Best Neighborhoods for homebuyers, by Denise Matthis.

Pg. 95. Here’s are some of my reasons why you should never depend on the list price to guide your home search, by Kenneth Session.

Pg. 99. What homebuyers in Fairfield value the most, by Robert Langston.

Pg. 103. Understanding your loan options: Fixed-rate loans, by Briana Frazier.

Pg. 107. Looking at social media from a new perspective: is it a bigger priority now than email for growth? by Adrian Bates.

Pg. 111. 5 things you need to know about repurposing real estate, by Success Money.

Pg. 115. Your World of Taxes: Understanding how property taxes work, by Joe L. Fisher.

POWER LEGAL Pg. 118. Proceed With Caution! The Real Danger of releasing GSEs from Conservatorship.

POWER MORTGAGE Pg. 122. Existing home sales rise, but inventories hamper results.

Pg. 124. Women Pay Higher Mortgage Rates in 49 States.

POWER HEALTH Pg. 126. Here’s how we build an equitable Health Workforce.

POWER HISTORY Pg. 128. May Is Asian-Pacific Heritage Month: Here’s what you need to know about the Asian Community.

Pg. 130. Celebrating Cinco de Mayo in style.

Pg. 132. Memorial Day: About Veteran Homeownership Assistance Programs l

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FROM THE EDITOR industry, the spring season is usually one that is packed with activities.

Well, that is during the normal times, and we are not really living in normal times, are we?

Last year’s spring really surprised everyone by making a quick comeback that went on into the fall.

That is not to say that the industry wasn’t hit, it was, but mildly. This spring really seems to be different from last year. Remember, over the past decade now, we have been experiencing a really low inventory count and just for your perspective, the inventory was down 22% as of November 2020. With low inventory levels, buyers are on their toes hunting for homes, and the best will be snatched up very fast, and at a high cost.

M

ay is finally here! And it is getting warm enough to welcome some shorts and flip-flops. With the pools finally open and the schools almost out of summer, let’s go and have some fun!

And what a better way to do that than to have your copy of The Power Is Now national magazine!

For those of us who are really passionate about the real estate 6

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Let me paint you the real picture, just to help you understand what we are dealing with. In December last year, over 7 in 10 homes that were sold during the month were in the market for less than a month. That was in December, the inventory situation hasn’t changed, you can imagine the situation right now. Basically, what this means is that there just isn’t enough time to hem and haw over your home’s search.

Last month we had one of the most vibrant shows on our TV; Fair Housing Interview Series where I got to sit down with movers and shakers in the real estate market. One thing they really emphasized was to; buy now! And I couldn’t agree more.

The market is slim, meaning low possibilities and opportunities for the

THE POWER IS NOW MAGAZINE | MAY 2021

home buyer. What are you still waiting for?

Away from matters real estate, into some really good news. It is that time again where we join hands with our Mexicans and Spanish friends to celebrate Cinco de Mayo. this is an annual celebration that is held on May 5 and it celebrates the Mexican Army’s victory over the French Empire at the Battle of Puebla. You can read more about this day only in this issue of the PIN Magazine. Aside from that, May is also the Asian-Pacific Heritage Month also called the Asian American and Pacific Islander Heritage Month is a period for the duration of the month of May for recognizing the contributions and influence of Asian Americans and Pacific Islander Americans to history, culture, and achievements of the United States.

On the cover of this issue of The PIN Magazine is Robert Reffkin. Reffkin is the founder of Compass. The company develops software to

WWW.THEPOWERISNOW.COM

be used by both buyers and sellers making real estate operations extremely easy and fun.

Found out more about Mr. Reffkin only in this issue of the PIN magazine.

At this moment, I would like to thank our power team for their continuous hard work and committment to making The PIN magazine a reality and also to you our readers. We would be nothing without you. Our team is dedicated to you. We want the best for you which means we are committed to brining you the best from us. Take a moment and share this magazine with family and friends.

Remember, knowledge is power and The Power Is Now! ERIC L. FRAZIER MBA President and CEO The Power Is Now Media, Inc.

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BIDEN’S PLAN ON CLIMATE CHANGE WILL LIKELY FACE CHALLENGES IN THE EVENLY DIVIDED SENATE

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egardless of the controversy surrounding its status, climate change remains one of the most pressing emergencies the globe faces today. With the planet growing warmer and sea levels rising, scientists have already espoused that the rate at which the change is taking place might lead to irreversible harm. Thus, President Joe Biden has stated in strong terms: “It’s about coming to the moment to deal with this maximum threat that we — that’s now facing us — climate change — with a greater sense of urgency”.

He went on to say that the United States had already waited too long to deal with the crisis.

“We see it with our own eyes, we feel it, we know it in our bones, and it’s time to act.”, he said in January.

Climate action has been one of the foremost policy plans of the Biden-led administration and had been a key campaign promise. Indeed, the 46th President had already passed several executive orders in January, few weeks after he was sworn into office. Through them, he reversed some environmental policies of the Trump administration, which had curtailed the reforms President Obama had made to beat climate change. Among 8

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these was reinstituting the country’s status as a party to the Paris Climate Accord, from which former President Trump had withdrawn.

The core of Biden’s climate plan,

as stated during his campaign, is a sweeping renewable energy transition from fossil fuels, which would also mean economic prosperity and job creation. Thus, his executive orders have aimed to end new

THE POWER IS NOW MAGAZINE | MAY 2021

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leases for oil and gas on public lands and increase the renewable energy produced offshore by double in 2030. According to his officials, climate change will be prioritized in foreign policy and national security under his plan.

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Nonetheless - as ambitious as his plans to beat climate change maybe - he needs legislation from Congress to ensure that his actions are not rolled back by a future administration.

Thus, he has sought permanent legislation providing for aspects of the $2 trillion proposal to achieve net-zero carbon emissions by 2050.

However, the current outlook of the Senate may present a significant challenge to President Biden’s plans. Experts have opined that Congress is needed to appropriate the infrastructure budget.

Their cooperation is also WWW.THEPOWERISNOW.COM

required to strengthen regulation curtailing the production of fossil fuels. But with an evenly divided senate having Vice President Harris as the tiebreaker, this might not be achieved. The President would need ten more votes from Republican senators - who traditionally oppose such reforms - to pass any climate bills.

As if that was not enough as an obstacle, some moderate Senate Democrats from states which have the fossil fuel industry as a backbone of their economies might stand in the way as well. A prime example is Senator Joe Manchin of West Virginia, who is the incoming chairman of the Senate Energy Committee.

One cannot easily forget his campaign ad a decade ago where he was shown gunning down the thenPresident Obama’s climate bill. Since then, he has taken pride in breaking

with his party on coal production issues, and in his new position, he wields much influence on what the Senate will pass.

History does not offer much hope for a Congress’s support for Biden’s plans either, as Democrats had unsuccessfully tried to pass climate legislation even when they had tighter control of Congress under the Obama administration.

Conclusion As some have declared, getting climate laws passed would show the nature of President Biden’s commitment to climate action. While the evenly divided Senate may be a bottleneck to achieving this goal, the President could seek other means to either get Republican and moderate Democrats on board or bypass them altogether. l

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TO ACHIEVE GREEN GOALS, WE NEED TO RETHINK SYSTEMIC CHANGE, CIRCULAR ECONOMIES, AND CLIMATE ACTION

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he world is currently facing one of the most decisive moments in human history. With rising temperatures converging with a global pandemic linked to environmental degradation, we now have to make a choice: to prioritize sustainability on all fronts or risk extinction. And as naturally self-preserving beings, the latter is not an option.

That is why the global community has, to a significant extent, sought to pursue green objectives - beginning with the Earth Summit of Rio de Janeiro in 1992, to the recent Paris Climate Agreement and the United Nations Sustainable Development Goals of 2015. These highly ambitious goals for the environment seek to cut down on greenhouse gas emissions - that is, the 10

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release of gases such as carbon dioxide which deplete the ozone layer and result in the heating up of the earth. They also seek to cut back on environmental degradation and conserve natural habitats and resources - including oceans and forests.

The real estate industry is a prime culprit in the current climate crisis. According to the Intergovernmental Panel on Climate Change, about 6% of global greenhouse gas emissions are directly linked to buildings. Besides, the production of the energy needed to sustain them - that is, electricity and heat - takes up another 25%. And in highly industrialized countries like the United States and parts of Europe, buildings account for 40% of emissions.

THE POWER IS NOW MAGAZINE | MAY 2021

There is a dire need for systemic change: a holistic reform that shifts from the conventional linear production models to circular models. In that way, the real estate sector can take the lead in the battle for the planet’s health.

CIRCULAR ECONOMIES: A KEY TO BALANCING ECONOMIC GROWTH AND CLIMATE ACTION The corporate sector, including real estate, is usually wary of discourses around environmental sustainability because there is a misconception that it disregards economic prosperity. But that is not so: green goals can be achieved by adopting circular economies, and circular economies, in turn, maximize production and wealth.

To understand what we mean by circular economies, or models, let us begin by looking at the traditional means of production. In constructing houses, for instance, we start by extraction - quarrying limestone or cutting trees for wood. Then we manufacture finished products such as cement or furniture from the raw materials extracted. Then we construct buildings, and while at it, generate waste like wood shavings. Now, the world population would keep growing, and older houses would age and have to be torn down. Thus we eternally would need to continue extracting, and that is not sustainable. The earth’s resources, however massive, are limited after all.

As we can’t keep exploiting the planet in such a manner, we have to figure out ways to obtain new products from existing materials. Such a system would mean that there is reduced input of novel raw materials and zero waste. That is why it is circular.

CIRCULAR ECONOMIES GUARANTEE FINANCIAL RETURN An all-encompassing shift to circular systems in the real estate sector will not only help save the planet - it will also guarantee some financial return.

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According to recent research titled: “From Principles to Practices: Realising the value of circular economy in real estate,” led by Arup and the Ellen MacArthur Foundation, if real estate businesses rethink the current production models and go for circular economy principles instead, they could achieve better performance on the financials.

IN THEIR OWN WORDS: “The core idea is to adopt new business models to capitalize on changing spaces. By delivering more flexible, adaptable, and deconstructable buildings and procuring services instead of products, investors move from making a one-time bet to owning more productive, agile, and less damaging assets that offer new revenue streams and greater residual value.”

CIRCULAR ECONOMIES MAXIMIZE PROJECTED MARKET TRENDS The real estate market is increasingly dominated by the eco-conscious Millenials, and the Gen Z generation will soon catch up. This market segment seeks out products and services that minimize their carbon footprint. And any prudent real estate business person should seek to take advantage of this trend by going green.

CONCLUSION The real estate industry significantly contributes to climate change and environmental degradation, given its intensive resource use and waste generation. The Covid-19 pandemic’s disruption of market trends has shown that we need to rethink how we do business. We have to place green goals at the center of our business models to beat the climate crises and maximize profits. Killing two birds with one stone - that is wisdom.

References https://blog.mipimworld.com/innovation/real-estate-thechallenge-circular-economy/ https://www.rethinkglobal.info/7-circular-economy-benefitsfor-business/ https://www.ellenmacarthurfoundation.org/news/value-of-thecircular-economy-in-real-estate-revealed-in-new-report https://www.ellenmacarthurfoundation.org/circular-economy/ concept

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While real property businesspersons often have a nonchalant attitude towards green business models, this challenging moment the globe faces must inspire a rethink. At the least, the disruption brought on by the COVID-19 pandemic has made us realize that we cannot afford to continue business as usual.

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, N O I T A Z I L E A T B O O M L DEG UALIT Y, RE INEQ KING KEY ING WOR OMY-SHAP ECONDS IN 2021 TREN

The COVID-19 pandemic has wreaked havoc across the globe, almost bringing the global economy to its knees. One year down the line, the pandemic is still with us and some regions are experiencing the second wave while others are facing the third one. Clearly, things don’t look appealing at all. However, like everything else, the pandemic will come to an end and things will get back to normal. And when this happens, how shall we start rebuilding? Shall we continue using the old and traditional systems, or should we brace for what the World Economic Forum (WEF) is calling the “Great Reset?”

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THE POWER IS NOW MAGAZINE | MAY 2021

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n a January report when WEF was releasing its Chief Economists Outlook during the virtual Davos Agenda Summit, the WEF revealed that accelerating inequality, the market dominance of tech platforms, and remote working are likely to be the longestlasting legacies brought by the pandemic. Beyond managing the pandemic and vaccine rollout, these trends could shape a new era of fiscal, monetary, and competition policy, according to the WEF report.

On the other hand, deglobalization was referred to as among the current trends that is least likely to continue in the longer term due to the significant role of international coordination in resolving global challenges such as vaccine manufacturing and distribution.

The WEF report, which was complied after consultations with chief economists both from public and private sectors, revealed that they were impressed at the speed and scale of fiscal policy measures employed in the wake of the pandemic.

The respondents further expect the second half of 2021 to be the optimal time to start transitioning from general emergency spending to more targeted spending on future growth sectors. The respondents suggested that efforts towards WWW.THEPOWERISNOW.COM

paying the significant national debts accumulated in 2020 should wait until 2024 or beyond.

Moreover, the chief economists believe that central banks settling public debt via quantitative easing at the core of monetary policy in response to the ongoing crisis, could lead to less central bank independence over time.

Most of them also suggested that central banks should focus towards environmental objectives through their asset purchases, which would indicate a key departure from past practice.

The chief economists also project a brighter outlook due to the following two reasons;

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The vaccine which will help speed up the recovery.

A new US administration which will contribute to tackling short and longterm challenges both domestically and worldwide through revived multilateral institutions.

Challenges on the way.

The COVID-19 virus mutations pose a huge risk for 2021, which would slow efforts to contain the pandemic and bring a new wave of lockdowns.

Another challenge relates to poorly calibrated policy responses that pose the risk of failing to distinguish between the deep structural impact of the pandemic on some sectors and the temporary stopping of activity in other sectors.

According to WEF Managing Director, Saadia Zahidi, the report clarifies that the key to global economic recovery and transformation is “precisely calibrated and coordinated fiscal, monetary, and competition policy.”

Zahidi further believes that there is no better time for “governments to work together and invest in a fair transition to a greener and more inclusive economy” that this.

Work cited. https://www.moneycontrol.com/news/ business/wef-2021-deglobalisationinequality-remote-working-keyeconomy-shaping-trends-in-2021economists-6395931.html.

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ollowing a chaotic election that saw the former president, Donald Trump, and his allied partners attempt to overturn the election results, the incumbent president Joe Biden, amid the rising chaos faces an uphill battle trying to restore the dignity America once was. Biden’s rise to the hill wraps up one of the most dramatic political transitions in American history.

Even as the pandemic continues to shatter lives in America, there clearly seem to be more pressing issues that the president has to deal with, especially issues to do with race, but I will get to that in a moment.

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Entering the office, Joe Biden promised a $9 trillion injection into the economy.

An infrastructural package that could potentially transform the US apart differentiating it from the rest of advanced nations. It is highly likely that the proposal may be just another watershed moment for the economy which clearly signals that the era for neoliberal capitalism is far much behind us. While this concept may be dead and forgotten, what comes next?

If you compare challenges that advanced governments like the US face today with those they faced decades ago, there are huge fundamental differences. The challenges that we faced decades ago enabled the birth of the New Deal and the welfare state. Today’s problem and very different. We are talking about institutional and systematic racism (this has not changed a bit!) climate change, labor market disruptions, hyper and de-globalization and all these require new tactics and new solutions. It further shows that any leader has to have a new economic angle to how they’ll approach these situations, rather than having a nostalgia for the mythicized age where governments really sort for shared prosperity at home and global greed for supremacy abroad.

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THE ROAD TO RECOVERY FOR PRESIDENT JOE BIDEN IN FIXING THE ECONOMY

greenhouse gases.

When it comes to employment, his plan largely focuses on expanding employment opportunities offering good pay and good benefits.

Let’s compare Biden’s administration to the Obama-era administration. Obama inherited an economy that was in a free fall! And Biden, while not that worse, it’s better off. From the collapse of last spring, the economy continues to surprise us, showing a significant rebound! In as much as new priorities are to a new government, new thinking strategies carry the same weight! Biden’s package is spread over eight years and it seeks to raise public spending by only one percentage point of the GDP. it is also projected that it will pay itself, eventually.

A boost in public investment especially in infrastructure development, the green economy transition, and the creation of employment opportunities has been long overdue. Assuming that the plan is nothing more than just a big investment on the public largely financed by taxes on large corporations, there is a lot the country could gain.

So far, so good. At least the president is doing something positive especially reversing most policies enforced by the former government.

For instance, on climate change, the president re-entered the Paris Accord but regardless, his plans fall short in some areas especially those put forward by Alexandria Ocasio-Cortez; the Green New Deal. that is not to say that Biden’s plans don’t contain significant green agendas. Take an example of his plan to support markets for electric vehicles and many other programs that seek to cut the carbon emissions in the country. This makes one of the biggest most progressive agendas to curb WWW.THEPOWERISNOW.COM

RECOVERY ROAD TO MULTILATERALISM When Trump was in power, he had one agenda only, America First! This shattered international cooperation with many nations. One of the frontiers Biden is expected to fix is embracing multilateralism again and restoring U.S leadership in the world, especially in matters like climate change. His new committment to combating climate change has sparked hopes that China and the USA could again work together. In addition, the president also promised that he would restore relationships between America and the traditional allies that were severely hurt during Trump’s administration. He said that he would rejoin Iran’s nuclear deal and recalibrate the U.S. strategy in the Middle East.

Data Sources https://asia.nikkei.com/Spotlight/Caixin/The-monumentalchallenges-facing-Biden https://economictimes.indiatimes.com/news/international/ world-news/ten-challenges-biden-faces-in-fixing-the-economy/ articleshow/80358878.cms?from=mdr l

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A GROWING NUMBER OF MILLENNIALS SAY ‘NO’ TO HOMEOWNERSHIP

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wning a home has been part of the American Dream for decades, and it is one of the biggest investments many people look forward to in their lifetime. When home prices and interest rates go down, demand increases as people flock into the housing market to get themselves a new home as they take advantage of the situation. However, there is one demographic that isn’t interested in setting its sights on the milestone of homeownership even considering today’s low interest rate environment— the Millennials.

Although they’re the largest generation in the U.S., they are most likely to own the smallest percentage of houses compared to other generations. What could be the cause of this new trend?

A RECENT APARTMENTS LIST’S 2021 MILLENNIAL Homeownership Report revealed that 51% of baby boomers owned homes by 30, while 48% of Gen Xers had closed on homes by the same age. But Millennials homeownership rate is at 42% while signs of a further drop are visible in the horizon.

Each year comes with a larger number of millennials who indicate they have no plans to ever stop renting. The number was 11% in 2018; it increased to 12% in 2019, before jumping to 18% in 2020.

WHAT COULD BE THE PROBLEM? According to the report, affordability is the biggest hurdle.

As the number of millennials with plans to buy a home dropped, 63% of them reported not having money for down payment. And with the ongoing COVID-19 pandemic, the situation has only been exacerbated. Last year experienced a massive surge in both unemployment and home prices as demand went through the roof while rates flattened.

The efforts by the Fed to shield the housing market through

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dropping interest rates to near zero, indeed made it easier to finance a home. However, this was only possible to those who could afford the upfront cost of paying a down payment, while many millennial renters cannot.

Among those who are planning to rent for as long as it takes, 74% say they cannot afford homeownership. 34% cite the potential lifestyle benefits of renting, while 32% are avoiding unforeseen maintenance and expenses. Moreover, despite having had a bullish real estate market that has experienced price rise for over a decade, some millennial renters who witnessed the Great Recession during their young years remain skeptical. According to the report, 21% of committed renters cite that purchasing a home is financially riskier than renting one.

The problem of affordability doesn’t end there. The report also revealed that affordability will still be a problem for millennials looking to purchase a home in the future. Over threequarters say they are waiting until they have the financial muscle or means, while others indicated they are waiting to settle down in a single place, or waiting to marry and commit to home ownership with a life

partner. 40% revealed that the COVID-19 pandemic has directly impacted their homeownership plans including 21% who are now delaying homeownership altogether. For most, delaying is purely propelled by economics due to partial or total income loss (67%), a drop of down payment savings (21%), or an ideology that homeownership is no longer a wise decision in a volatile economy.

Moreover, the report reveals that there is another group of renters who are postponing homeownership because ‘they are less certain of their housing preferences in a postCOVID world.’ The onset of the pandemic had everyone realizing the pros and cons of their current living situations. For the millennials who were looking to buy a home but have delayed the plans, ‘28% are reconsidering what type of home they want to purchase, while 27% are rethinking where they want to buy entirely.’ An increase in the remote working trend instead of physical offices could impact the choices millennials will make when they want to invest in the real estate market.

Work cited. https://www.apartmentlist. com/research/millennialhomeownership-2021.

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HOW AFFORDABLE HOUSING IMPACTS THE NEIGHBORHOOD The proposal that country requires more affordable homes is mostly a good idea, but just not to everyone. Homeowners and community groups often turn down proposals of low-income housing within their neighborhoods citing that such developments could push down the real estate prices in the area, among other things. Well, how true is this?

The Redfin study further revealed that 18 of the 26 metro areas under study showed no 20

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significant difference in the prices of nearby homes sold before and after the construction of low-income housing development, compared to similar homes far from the development but within the same neighborhood.

The study further indicated that four of the eight metro areas— Boston, Philadelphia, Washington, D.C. and Charlotte, NC— that showed substantial variances, recorded homes near low-income THE POWER IS NOW MAGAZINE | MAY 2021

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ccording to a Redfin analysis of over 220,000 home sales in neighborhoods with low-income housing developments in 26 metro areas across the country conducted between 2007 and 2019, “construction of lowincome housing developments has had no consistent impact on the sale prices of nearby homes.”

housing developments selling for more after the development was complete; while the remaining four metro areas— Chicago, Las Vegas, Phoenix and Warren, MI— recorded homes selling for less after lowincome housing developments were constructed within the neighborhood.

MOVING ON, HOW DOES THE IMPACT COMPARE FOR COMMUNITIES LIVING IN POVERTY AND THOSE LIVING IN ECONOMICALLY INTEGRATED NEIGHBORHOODS? “For children in low-income families, living in a neighborhood with less poverty can have a big impact on mental and physical health as well as longterm earnings throughout their life,” said Redfin senior economist Sheharyar Bokhari.

“But economically integrated neighborhoods—those with low-income housing near homes for middle- and high-income households—are so rare because development of low-income housing often faces strong opposition from neighbors who are concerned that the project will lower their home values.

These perceptions have made socio-economic segregation even more pervasive throughout the United States, further exacerbating social, racial and housing inequalities.”

the Redfin analysis states ‘In general, the more expensive the homes in a neighborhood, the more likely it was that the addition of a low-income housing development resulted in an increase in home prices in the neighborhood.’

“The data suggests that it can be a win-win to put low-income housing in expensive neighborhoods, benefiting both current homeowners and low-income residents,” explained Bokhari. “Because these projects are being built by private developers, they often have an incentive to identify places that have good prospects for growth. On the flip side, they’re also less likely to plan projects in areas that are less desirable.”

The study also found out that economically integrated

neighborhoods are more desirable for homebuyers as they create a more self-contained community where residents who work in the community including teachers and service workers, can live in the community.

Conclusively, the analysis reveals that though there are still many unknown factors, “the study generally supports the idea that low-income housing does not degrade property values.” Instead, from what we have seen, lowincome housing can push home prices higher and even bring more balance in the neighborhoods where they are built.

Work cited. https://www.redfin.com/news/lowincome-developments-home-values/.

SO, HOW EXACTLY DOES AFFORDABLE HOUSING AFFECT NEIGHBORHOODS? While summarizing the study, WWW.THEPOWERISNOW.COM

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NEW REPORT: 900,000 BLACK HOUSEHOLDS MIGHT MISS OUT ON HOMEOWNERSHIP!

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omeownership is among the topmost ways of building intergenerational wealth for many families. Even though it may not be the best option for everyone, there is strong evidence supporting that people who own homes are better off than the people renting. Given the importance of homeownership, what comes to mind is the question of why housing equity is not shared evenly. If you compare the homeownership gap between the African American families and the white families in the 1960s, you will notice that the gap has only grown wider today. Part of the reason for this is the structural barriers to homeownership resulting from the great depression, not to forget the many natural disasters and the most recent COVID-19 all of which are hitting the black families the hardest. In addition to that, the changes that will impact homeownership rates in the country in the coming years will affect the wealth-building capacity of many US households, especially the families that are already facing these challenges.

A new report from Urban Institute highlights what the homeownership rates will look like in 20 years’ time if the current policies remain unchanged. According to this report, while by the year 2040, there will be an additional 6.9 million new homeowners, the national homeownership rate will decline by 3 percentage points from a projected 65 percent. From the year 1990 to 2010, household growth has averaged 12.4 million per decade and from 2010 to 2020, the average rate of growth has been 7.3 million new homeowners.

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The report projects that there will be an 8.5 million increase from 2020 to 2030 and then a decline to 7.6 million between the years 2030 and 2040.

The report prepared by Laurie Goodman and Jun Zhu also highlights that the net household growth will be from the households of color in that between now and 2040, there will be an addition of 16.1 million net new households. The Hispanic household will grow by a whopping 8.6 million while other households will, especially households of Asian descent will grow by 4.8 million. Still, on that, Black households will grow by 3.4 million while white households will decline by 0.6 million.

Of the 16.1 million new households, most growth will be led by senior households. In fact, 13.8 million households will be headed by someone who is over 65 years.

The younger millennials who will reach ages 45 to 54 will have a homeownership rate of 64 percent compared to the 72 percent of the younger boomers. Additionally, right now, the prime buying years, that is between 25 to 44 will decline by 6.5 to 9.0 percentage points between the boomers and younger generations.

In their prime buying years, homeownership for black households will decline quite significantly.

This cuts across the board with such shortfalls shared equally among different racial groups.

Younger black millennials in their prime buying years in 2040 will have a homeownership rate of 41 percent compared to the 50 percent homeownership rate among the younger black boomers at the same age. Meantime, for the younger white millennials who will be in their prime buying years in 2040, their homeownership rate will be only 4 percentage points lower than it was for the younger white boomers when they were the same age.

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While the absolute modest declines in homeownership are highest among the white homeowners, the impact will largely be felt by black homeowners and black households. Suppose the Black Gen X households, older Black Households, Younger Black millennials, and younger Black generation would cozy up to the idea of actually buying homes at the rate young Black boomers bought throughout their lives, there would be 8.5 million new black homeowners by 2040, rather than the projected 7.6 million. In simpler terms, the report simply shows that 900,000 households of black renters will possibly miss out on homeownership!

“Compared with the absolute number of Black homeowners, a 12.4 percent reduction in the number of white homeowners is 3.5 percent. For Asian and other households, the percentage is 4.1 percent, and for Hispanic households, it is 0.2 percent.”

However, it is important to note that the snapshot provided by Urban Institute is based on the current policies. If there is one thing we can do to increase homeownership in Black communities is expanding financial education and homeownership preparation. This means increasing active visibility, access, and types of downpayment assistance programs. In addition to also expanding financing options available to the people in order to meet the

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needs of different types of creditworthy borrowers.

Here at The Power Is Now Media Inc, we understand the danger that lies ahead and that is why we engage industry leaders and various stakeholders in the industry to make sure that you get all the information you need to become a homeowner. To bridge the gap between white households and the communities of color, we need to reexamine the ways borrowers qualify for loans and revamp the process to meet each buyers creditworthiness, but more than that, borrowers need the right information and to be shown the right channels where they can get it which is exactly what we do here at the power Is Now Media. Visit our TV page to learn about the various programs available to you today!

About The Power Is Now Media The Power Is Now Media is an online multimedia company founded in 2009 by Eric L. Frazier, MBA, and is headquartered in Riverside, California. We are advocates for homeownership, wealth building, and financial literacy for low to moderate-income and minority communities. The Power Is Now Media corporate office is located at 3739 6th Street Riverside, CA 92501. Ph: 800-401-8994 Website: www.thepowerisnow.com

Data Sources https://www.urban.org/research/publication/future-headshipand-homeownership

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A CRISIS IN THE MAKING! 3.2 MILLION HOMEOWNERS AT RISK OF LOSING THEIR HOMES

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oblessness all across the country remains high and millions of people report that they are still unable to meet their family’s basic needs. In addition, many more report that they are not caught up on their monthly rent payments.

The coronavirus has devastated the lives of many both economically and socially but more prevalent in

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minority communities (blacks, Latino, indigenous, and immigrants). The disproportionate impact on these groups indicates the hardships and the longstanding inequities that not only await them, but also, what they’ve had to go through often as a result of structural and institutional racism in education, employment, health care, and housing.

THE POWER IS NOW MAGAZINE | MAY 2021

Speaking of housing, a most recent report by the Urban Institute indicates that although millions of Americans have recovered from the pandemic financially and are now back on track with their mortgage payments, there still remains some disturbing data. The report indicates that as of November 2020, some 3.7 million homeowners who had entered into forbearance since the onset of the pandemic had exited. But, about 3.2 others continue to struggle. This number includes 2.8 million homeowners who are still very active in forbearance and some 369,000 homeowners who are delinquent on their mortgages.

The report further indicates that some of the homeowners who are in the forbearance program have reached their sixth month.

This will require them to exit the programs or request an extension.

This shows that millions of households are just one step away from becoming homeless.

The American Rescue Plan Act which was enacted on March 11 seeks to reduce poverty and narrow these disparities by race.

It is a step in the right direction and any action taken with an aim to reduce hardship especially among the children is a hopeful step for the country.

Data continues to show and support that a good number of these homeowners risking their homes are not pursuing any measure to counter the loss perhaps due to the lack of awareness of repayment options.

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The issue of disparities keeps coming up whereby it has been proven that many minority communities face stark disparities in their attempt to housing payment status.

WHERE DO WE GO FROM HERE? A survey launched last year in April by the Census Bureau, dubbed Household Pulse Survey shows how unprecedented the health and economic crisis can be to a nation. The survey which is one among many including one from the Census Current Population Survey and the Department of Labor shows that millions of Americans are jobless and are struggling to make ends meet. So if they are struggling to afford a meal, how can they afford a shelter? How can we help them?

ACTIVE CAMPAIGNS MUST BE HELD There needs to be an active campaign to reach out to the 775,000 borrowers who have become delinquent since the outbreak of COVID-19 and are behind with their payments. About 476,000 of these borrowers soon after leaving forbearance became delinquent and another 299,000 did not make it to forbearance. While it is encouraging to see that about 85percent of the borrowers who became delinquent soon after coming out of forbearance are engaging servicer for a loss mitigation measure, 15 percent of the borrowers are yet to initiate any loss mitigation measures. That’s not all, the number of borrowers coming out of forbearance is about to grow which in turn puts more borrowers at risk of falling delinquent on their mortgages.

Speaking during the Urban Insitute Webinar, Dana Dillard of the Housing Finance Strategies and Lisa Rice of the National Fair Housing Alliance said that the homeowners who are currently facing more than one issue must be helped in order to help them navigate through the mortgage options available to them. What you notice is that most of these homeowners may be having health problems, or even struggling with their kids who are still in school. This is where mortgage servicers have to step in because for most of

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these struggling borrowers, navigating the forbearance and repayment options can be very challenging.

Also present during this webinar was Meg Burns of the Housing Policy Council who stressed the importance of broader, more vibrant campaigns that will better inform all the households in need. While we cannot assume that the ongoing efforts to try and rescue homeowners who are still ignorant about the many loss mitigation measures available to them, the industry can do better, especially in tracing these homeowners.

ADEQUATE PREPARATION FOR THE WAVE OF DELINQUENCY THIS SPRING! Right now, there are about 2.8 million homeowners who are in forbearance and will likely end up in a worse financial situation than the 3.5 million homeowners who exited forbearance earlier. The report shows that borrowers with governmentbacked loans who are still able to make monthly payments are much more likely to exit a forbearance program after just 6 months. The households that are still in the forbearance program but are not making any payments and are still scheduled to exit forbearance during this year need additional assistance. Some 23 percent of homeowners in forbearance said that they are not sure whether they’ll be needed to make increased payments or make a single lumpsum payment once the foreclosure period lapses.

More worrying is that about 54 percent of households said they have no confidence in their ability to resume monthly payments when the forbearance period ends.

There needs to be a better communication plan from the industry. Mortgage servicers must provide borrowers with an array of options. The repayment and forbearance programs must be clear and streamlined to avoid confusing servicers and consumers.

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RACE AND ALL DISPARITIES IN HOUSING MUST BE ADDRESSED Data shows that the most vulnerable borrowers will be the people of color and minority communities who are more likely to fall behind on their payments. As we soldier on, barely surviving from the effects of the pandemic, problems like racial, ethnic, and economic inequalities that existed even before the pandemic will only get worse!

But the good news is that there is something we can do about these disparities and help many struggling borrowers. For instance, negative reporting should be condemned and, there need to be antidiscriminatory laws enacted and followed strictly.

BOTTOM LINE If you go out to the streets today, the stories you will hear are so disheartening and this trend must stop! We need to be agents of change. 3.2 million homeowners are not a joke! These numbers are critical, and we have a responsibility to one another.

If you link these numbers to the families and individuals through a compelling narrative may be a great way to advocate and lobby for these vulnerable communities. There is a crisis coming, we must be prepared for it. The vulnerable homeowners do deserve better policies and systems to help them weather this crisis. https://www.urban.org/urban-wire/three-ways-help-32-millionstruggling-homeowners

THE POWER IS NOW MAGAZINE | MAY 2021

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f there is one thing that Millennials are well-known for, it is their creativity and intuitive knowledge of technology. This generation born between 1981 and 1996 - currently the largest population in the United States - might indeed have a lot of baggage attached to their reputation. However, we all can agree that they have earnestly sought to improve the quality of life and make it more enjoyable.

VERNON J.

The Millennial Who Created EquityCoin: The First Digital Token on the Blockchain Backed

by Affordable Housing

Vernon J is undoubtedly one of their finest examples.

Though he is a private person whose personal information is hardly public, a recent interview by Black Enterprise showcased this young man’s passion for building generational wealth among people of color and aiding the rebuilding of marginalized communities.

Thus, he’s the founder of Equity coin, a system he created to make it easier for more people to own real estate properties in the United States and reduce the rate of homelessness.

This digital token, the equity coin, allows people to purchase and retain their rights over real estate properties.

Perhaps being to the housing sector what Sakamoto Natoshi was to Finance, Vernon J created the equity coin with the mission and vision to democratize real estate investment. It is the first of its kind: the first Digital Token on Blockchain supported by low-cost and reasonably priced housing. As such, new alternatives that were previously inaccessible to most Americans have become available - through the fractionalization and tokenization of the digital asset.

THE IMPORTANCE OF THE EQUITYCOIN TO THE UNITED STATES OF AMERICA The United States of America has lost over 7 million low-cost apartments, resulting from inflation - an economic fallout of the COVID-19 pandemic.

The creation of this digital token, EquityCoin by Vernon J, is believed to be one solution to the fallback in the housing market. It would serve a role in helping the Black and Brown communities to transform the real estate transaction while building generational wealth.

Vernon J believes that EquityCoin will revitalize

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urban areas in the United States, as it blends the possibilities in blockchain technology with affordable housing.

EQUITYCOIN CREATING AFFORDABLE PRICED HOUSING THROUGH BLOCKCHAIN TECHNOLOGY For fifteen years, Vernon J has been in the real estate industry - a family thing. He successfully launched EquityCoin (EQTY) in January 2021 with a transaction worth over $50 million. His inspiration?

The challenges people faced due to inequities in the real estate industry. In his words, seeing a single mother weep tears of joy at being granted an apartment key changed everything.

HOW DOES EQUITYCOIN TOKEN WORK? The EquityCoin Token was launched in hopes of blending and revitalizing urban areas around the countries. It held an intention of creating a more comfortable, livable, sustainable, and healthy society. In addition to the fulfillment of its purposes, the asset has greatly added civility to wealth-creation and improved finances.

On the subject of building wealth, accumulating property has been one of the most promising means to doing so. However, it requires long-term investment and to some extent, locks down money.

Thus, the digital token, EquityCoin was created to solve this downside. Due to its tokenization on Blockchain, the customer gets access to immediate liquidity, which acts as a groundbreaking shift within the conversion of properties to cash.

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Holders of EquityCoin have instant liquidity, coupled with the ability to retain all legal rights and protection that comes with traditional ownership of the real estate.

The Director of the Community Management and Leader in Energy and Environment of Equitycoin, Inc’s Beatriz Durant, spoke on the essential program that is yet to be launched. A promise is that it would lead the way to a better accessible future - one in which everyone can partake.

In alignment with the vision on the website, EQTY token would be doing a lot to: • • •

Enable legalized recognition ownership of properties.

Grant the asset holder the right to property cash flow.

Gain unrestricted access to fractions of the income-producing estate in the cities that they live in.

Vernon J and his company plan to organize resources and programming in four additional targeted metros: North Miami, Newark, South Los Angeles, Oakland, California, and New Jersey.

References https://equitycoin.org/ https://www.blackenterprise.com/this-millennial-created-thefirst-digital-token-on-the-blockchain-backed-by-affordablehousing/

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GOOGLE’S PLAN TO TRAIN 100,000 BLACK WOMEN IN DIGITAL SKILLS BY 2022.

HOW IS IT GOING? The intention of Google to equip black women with digital skills in 2022

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t is no longer news that the COVID-19 pandemic has wreaked great economic havoc in almost every country - and the US is not left out. People from diverse racial divisions and genders, including black, Asian, and white men and women, have been rendered jobless and saddled with numerous unmet financial responsibilities.

However, statistics reveal that Black women were disproportionately affected as they suffered the most loss of livelihoods.

On the 12th February 2021, Melonie Parker, the Chief Diversity Officer of Google, revealed that Google would be training 100,000 black women in digital skills. That decision aimed to equip black women with the skills and abilities they needed to maximize their financial opportunities. It was also hoped that the training would encourage digital literacy, especially in using Google and other similar digital resources.

And with digital skills being

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among the top ten skills projected to be vital to the future of work, the program aimed to bridge the gap in opportunities for women of color.

Six organizations, alongside Google, will be carrying out the training process on digital skills.

They include; • • •

The Links incorporated Dress for Success Four Sororities of the National Pan-Hellenic Council: Alpha Kappa Alpha, Delta Sigma Theta, Sigma Gamma Rho, and Zeta Phi Beta.

The six partner organizations that have chosen to join Google in the quest to equip and train black women would provide grassroots connection to help these women learn and apply digital skills in 2022. The workshops to be offered will include analytics-based decisionmaking, digital marketing, and career advancement skills such as resume building.

THE POWER IS NOW MAGAZINE | MAY 2021

Nonetheless, considering the historical discrimination that Blacks have faced - which continues in varying forms today - this program cannot be accurately described as racist.

Black people have previously gone through series of prejudice, stereotyping, and other forms of racial discrimination. And given that Blacks still have the lowest employment rates, Google seems to have picked a most vulnerable set of people to help.

This is not the first time that Google would be taking on the cause to combat systemic racism.

In June 2020, the Chief Executive Officer of Google, Sundar Pichai, announced that Google would be spending more than $175 million on countering racism and building an atmosphere of equity all over the world.

He mentioned that Google would be increasingly focusing on financing black-owned businesses, doing all they could to help black entrepreneurs

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thrive.

Google thus has pledged to release a sum of $175 million to aid black people. Most of the money - a sum of $100 million - is to enable support for businesses and organizations owned and managed by black people. $50 million, out of the $175 million, is to be used for funding small businesses and helping them grow. Another $15 million is tagged for training young black people on employability skills.

The remaining $10 million was to be spent on black developers in Google, by providing a solid education, materials, and financial opportunities for their growth.

Although Google has not released any statement recently concerning the training program, the plans would most definitely be underway.

The death of George Floyd was a reminder of the existing deep rot of racism in the country.

Since then, several highly-rated companies and organizations, including Facebook and Amazon, have sought to find areas where showing their concerns for the well-being of black people would matter. And this might be a telltale sign that the Giant brands are finally waking up to social responsibility.

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The decision, expectedly, has been rife with controversy.

Several people have linked Google’s plan to train 100,000 black women in digital skills to sexism and racism. They prefer that Google and other partners working towards the decision carry everyone, irrespective of sex and color, along. Others have equally dismissed such concerns.

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IS THIS THE RIGHT TIME TO SELL YOUR COMMERCIAL PROPERTY? Steve Peterson projected that there’d be a permanent cut in the market size of office spaces and retail stores up to 20% by 2025.

Commercial Real Estate (CRE) is distinguished from other forms of real estate like residential properties in that it refers to buildings used for income-generation. It witnessed some of the worst hits in 2020, as health and safety concerns led to remote working, an increase in e-commerce, and decline in traditional retail, and so on. Thus, several office buildings and retail stores stood empty for most of last year, with many going bankrupt. In Oakland, for instance, about 15% of office buildings were negatively impacted - and unlike the general real estate market - recovery isn’t expected until towards the end of the year. Several experts have

THE DISTRIBUTION OF THE COVID-19 VACCINE PRESENTS HOPE FOR RECOVERY Physical distancing and other safety precautions observed due to the pandemic affected consumer behavior, and by extension, the use of commercial buildings. However, the distribution of the COVID-19 vaccine across the nation has renewed hope that the dark days for CRE might soon be over.

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Nonetheless, some forms of commercial properties performed well even during the pandemic, such as warehouses and buildings used for life sciences.

Thus, the answer to the question: “Is this the right time to sell your commercial property?” might not be easy to come by.

Market reports and analysis for commercial properties in Oakland in the first quarter of 2021 reveal that by and large, the state of affairs isn’t so grim.

That is because the natural human desire for social connection - which we are seeing in much more display this time - is expected to win out as people l

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t the start of 2020, property owners benefited from a very favorable context with record sales volumes and rising prices - until the Covid-19 crisis disrupted the market.

Real estate markets then experienced some convergence, with dipping prices of properties in the high-cost metropolis and a boom in prices of the conventionally affordable areas. Nonetheless, the first quarter of 2021 has increasingly witnessed a return to normalcy, as price-rates are generally rising. That, however, doesn’t deny that there is still much uncertainty in the industry. And if you have considered selling your commercial property, this question would have popped up in your thoughts more than once: is this the right time?

receive vaccines. Thus, physical offices, experiential retail, and the hospitality industry may soon witness a boom.

INVESTORS STILL SHOW DEEP INTEREST IN OAKLAND’S COMMERCIAL PROPERTIES Earlier in March 2021, a mega investor, Mapletree Investments, acquired the notable Uptown Station for $419 million in cash. The International firm based in Singapore did so through its affiliate in the country, marking the third popular office complex purchased in less than two years. Stakeholders believe that this latest purchase signifies that investors are still confident in the city’s commercial real estate.

ONLINE HOMEBUYER SEMINAR

However, this robust demand for office buildings seemed restricted to downtown Oakland rather than other sections.

SATURDAY, MAY 1 10:00 AM PST

Besides, several top firms are relocating their headquarters from neighboring Sans Francisco to Oakland, such as PG&E and Credit Karma. In the view of Edward Del Beccaro, TRI Commercial’s Executive Vice President, “San Francisco is having all sorts of issues, and Oakland is the beneficiary.”

We help you achieve the American dream of homeownership!

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LOW-INTEREST RATES MIGHT LEAD TO A SPIKE IN DEMAND Falling mortgage rates - hitting an all-time low of about 3% - might offer good tidings to anyone wishing to sell their commercial property. The reason? More buyers or investors may desire to take advantage of this opportunity to purchase real estate - including those in the commercial category.

Conclusion Understanding the seasonal trends in real estate is vital to make a well-informed and justifiable decision as a property owner. The current period, though complex and fraught with uncertainty, remains favorable for the sale of commercial real estate. However, you might need to pay attention to your property’s peculiar circumstances, particularly its type, location, and value, to determine whether it would be favorable for you.

References https://www.eisneramper.com/commercial-real-estate-risksopportunities-0321/ https://commercialobserver.com/2020/12/top-cre-trends-to-jumpstartyour-2021/ https://www.fortunebuilders.com/oakland-real-estate-and-markettrends/ https://www.mercurynews.com/2021/03/08/1-billion-three-dealsdowntown-oakland-market-real-estate-tech-pge

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FRAZIER GROUP REALTY

Speakers: ERIC FRAZIER MBA CAROLYN SUNSERI

Johnnie Morine

HOW MUCH DOES IT COST TO SELL A HOME IN ARLINGTON, TX? an average home sale price of $705,000 and a median price of $610,000 in 2019 alone.

These figures have changed significantly since then.

Once known for cotton ginning and agriculture, the city with 403,316 people has become the North Texan top destination for sporting and recreation. It sparks with numerous activities ranging from arts and culture, entertainment, shopping, and lots more.

Most people living in Arlington own their own homes, and more homeowners increasingly emerge. According to an online source, the prices of singlefamily homes are soaring due to high demands. “There is an absolute lack of single-family home inventory.”, says the source.

Arlington, Texas, experienced

Homes were sold for about

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$159,900 to over $475,000 between 2020 and 2021.

Prices depended on the size and features of the properties sold. Perhaps, this boom is heightened by the COVID-19 pandemic that led to increased demand for homes in affordable cities across the United States.

The value of homes in Arlington, Texas, is typically at $236,401 and is seasonally adjusted.

Some three-bedroom and twobathroom homes were sold at $127,000 in 2021. Another home of four bedrooms was sold at $290,000.

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lthough North Texan cities have a reputation for lower cost of living, home sales prices in Arlington, Texas, have experienced an upward surge over the years.

Here are keys to help measure market performance across Arlington and within North and South Arlington: •

•

Prices of detached homes increased from $890,000 in 2018 to $950,000 in 2019.

A detached home in North Arlington is 55.5% more expensive than one in South Arlington on average. That is 76.9% more expensive for a townhouse/ duplex.

Besides, recent data provide that threebedroom detached homes are sold for $821,597 on average, while buyers purchased four bedrooms at an average of$1,007,157. Two-bedroom Townhouses/ Duplexes were sold on average at $511,569.

Also, prices of detached homes will appreciate more significantly in the coming years as demand tends to increase.

If you are planning to sell a home in Arlington, Texas, here are things you need to fix with your home before putting it up for sale, so you can sell at a competitive price and prevent unnecessary delay in sales.

• Fix Worn Out Window Screens

Buyers are sensitive about the appearance of the house they want to acquire. Even as you ponder selling your home, consider repairing some of the things that seem minor but are essential. Replace or repair your window screen if Streit’s. In some cases, buyers insist that sellers do that or demand credit.

Why lose a potential buyer because of a window screen that you could have replaced?!

• Fix all Sticky Door Locks

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Some door locks may become sticky after being used for a long time, and this should be fixed before putting up your home for sale. Such door locks could turn off prospective buyers as no

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one wants to replace them immediately after acquiring a new home. Ensure all door locks are free to push and pull.

• Ensure Old Electrical Panels are in a Good State/Replaced

Home sellers often have face-offs with buyers regarding the repairs of electrical panels. While the seller may feel it works fine, the buyer might see it as a panel that could disappoint them at any time.

• Hire a Professional Cleaning Service

It is a good idea to clean yourself - but you might need an extra, professional eye to handle the job for you. Such Cleaning services take care of every dusty place you might overlook. Their experience with deep cleaning, as well as more advanced equipment, would be helpful to give your house a make-over.

• Arrange Items to Create Space/ Declutter

Spaces are important to home buyers, so ensure the kitchen cabinets are arranged properly to avoid clutter.

Remove every item due for discarding.

You could fix a garage sale for that.

Nothing appeals to home-buyers like the feel of space.

Conclusion With prices of homes climbing in Arlington, Texas, you might decide that this is the perfect time to bid a sad farewell to your current home. If that is so, your house need not stay on the listings for too long.

Once you make the minor repairs and improvements, seek the services of a broker to get your home listed for sale.

References https://www.elvisbuyshouses.com/sell-your-housefast-arlington-tx/ https://www.arlnow.com/2020/01/28/ask-eli2019-arlington-real-estate-market-reviewdetachedtownhouse/ https://en.wikipedia.org/wiki/Arlington,_Texas

THE POWER IS NOW MAGAZINE | MAY 2021

YOU DESERVE TO LIVE SAFE FROM SEXUAL HARASSMENT.

Sexual harassment by a landlord or anyone related to your housing violates the Fair Housing Act. If you receive unwelcome sexual advances or are threatened with eviction because you refuse to provide sexual favors, you may file a fair housing complaint.

To file a complaint, go to

hud.gov/fairhousing or call 1-800-669-9777 If you fear for your safety, call 911.

FAIR HOUSING IS YOUR RIGHT. USE IT. A public service message from the U.S. Department of Housing and Urban Development in cooperation with the National Fair Housing Alliance. The federal Fair Housing Act prohibits discrimination because of race, color, religion, national origin, sex, familial status or disability. For more information, visit www.hud.gov/fairhousing.

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#320004 240-882-0198 EmerickPeace@KW.com Your #1 Referral Source for Phenomenal Service in Washington, DC & Maryland

By Emerick Peace

T

he pestilent fumes of the pandemic will finally subside as the year 2021 drags its feet towards the end, but the last one year of the Covid19 menace has been challenging to individuals and businesses.

However, the beautiful thing is that the real estate industry has always unleashed the power of resilience, and things are looking brighter every day of 202. The industry in Maryland as it is across will weather the storm.

It will not crash. The waves of disruptions may have temporarily dampened the mood, but things are looking up from a distance, and the coming annual quarters of 2021 will undoubtedly show improvement.

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•

HIGH DEMAND AND LOW SUPPLY. Based on the first quarter of 2021, the demand for houses remains high while the supply dwindled significantly. As May sets in, buyers who had difficulties concluding a purchase will be relieved as listings start to increase towards Spring’s high season. However, the pace of increase will remain incrementally low and will affect the housing median prices and mortgage rates.

May is the peak of the housing market’s season, and we expect that the market supply will increase.

•

HIGH HOME PRICES AND MORTGAGE RATES. From March, the home prices have seen an upsurge due to the low supply, the month of May is expected to experience a median home listing price of more than $370,000. The prediction by Realtor.com indicates that the prices for the remaining year may increase by up to 8% than was last year. The housing prices will drop as the year 2022 sets in, and it is expected that demand will soften as supply increases in Maryland. The housing shortage will persist because of the slow pace of homebuilders keeping up with the public demand.

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MARYLAND MAY 2021 AT A GLANCE

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MILLENNIALS ARE THE BUYERS TO WATCH. They are not only the largest group of homebuyers in the coming season, but as May sets, the millennials are expected to remain the highest number of house buyers. This is one factor that will keep the housing market in Maryland despite the beating and flattening experienced in the last 12 months. In Maryland and across the nation, the housing market is boosted further by recent research findings

by Realtor.com that home buying continues to remain more cost-efficient than renting.

This means the millennials in their millions will remain a pillar of the housing market as they continue to reach their home-buying age.

THE VACCINE EFFECT. The millennials will be joined by families that have felt the ease in the constraints of the Covid pandemic. As the vaccine spreads in Maryland, things are brightening, and more home buying inquiries are expected in May and the rest of 2021. The Covid19 apprehension may have affected potential sellers in the last year. A vaccine Rollout in Maryland will ease that pandemic seller panic and release more

properties into the market, effectively raising supply and softening the median price rise.

•

WORKING FROM HOME MEANS MORE THERE IS A NEED FOR SPACE AT HOME. This also means that people have been adjusting by needing a new home or a spacious property. This is part of what increased buyer demand during this season. The vaccine uptake this May will ease this phenomenon.

The month of May comes with existing economic and health challenges that continue to suppress the real estate industry’s growth in Maryland.

Looking at Maryland this May, the industry continues to be slowed by Covid19 consequences.

However, as the Corona vaccine rollout improves, expect to see the light at the end of the tunnel.

Reference https://www.noradarealestate.com/blog/housing-marketpredictions/

Every Other Friday

10:00 AM - 11:00 AM

Promote Your Listings Online CALL ME FOR MORE INFORMATION ERIC LAWRENCE FRAZIER MBA (714) 361-2105 eric.frazier@fbol.com www.thepowerisnow.com

YOUR VOICE IS YOUR BRAND! INCREASE LEAD GENERATION, AND GIVE YOU THE POWER TO CLOSE MORE DEALS!

Strategies to start using today to be more profitable in Real Estate

R

eal estate investment has long proved to be among the best ways to make profits and generate generational wealth. Some go ahead to argue that although the real estate market is always changing, it comes with better returns on investment compared to the stock market which tends to be more volatile. However, how do you reap these massive returns on investment?

Your investment strategies are key.

You cannot get massive profits from your real estate investment if your strategies aren’t effective or good enough. This article discusses some strategies and tactics you can use as a real estate investor to maximize on your profits from your real estate investments.

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Adriana Montes 1. LOOK FOR THOSE HIDDEN, OFF-MARKET PROPERTIES. One thing about real estate investment is that if you can’t find deals before anyone else, you’re probably going to have a difficult time making money. Regarding this, you should be aware that most of the properties that can make you good money are not found on the usual MLS or Zillow. These properties are those that the owners want to get rid of fast, and this doesn’t necessarily mean they are the foreclosures.

These off-market properties or pocket listings as others call them, are mostly owned by a couple currently going through divorce, or a homeowner who no longer needs it since they are leaving the country or going through financial distress.

Owners can’t sell these gems through traditional channels since they need to move fast. And they’re mostly identified by the sign FSBO (For Sale By Owner).

How do you find these gems? First is simply by keeping your eyes and ears on the ground. Get your name out there and join networks such as the Rotary Club and Business Network International. Also, try to build connections with estate attorneys since they have access to creditors who need money fast.

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2. MARKET CHOICE AND TIMING. If you want to earn more profits from your real estate investment, it’s crucial to have a knowhow of your local market, or the market you’re looking to invest in rather than what’s happening in the market nationwide. Your investment and its success will be highly influenced by the dominating factors in your specific real estate market. One rule of thumb I should remind you is if you want to have successful real estate investment is to stay away from very hot markets. This is because housing markets are always in cycles as its players pursue economic benefits, while every real estate market is at a different phase of its cycle.

However, if you want a successful real estate investment, look for markets that are in the expansion phase; where sales and prices are steadily rising, with good affordability, with low constructions, and rising capital investment.

Additionally, the location of the property plays another major role. Invest in neighborhoods with high population density, low crime rate, great schools, access to public transportation, good walkability, are developing, and have all basic amenities nearby.

The demand for housing in such locations is always peak.

3. MITIGATE YOUR RISKS. How do you manage or mitigate risks in a real estate investment?

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First, avoid going deeply into debt. If you’re planning to purchase an investment property for sale, put at least 10% down.

Also, where possible, aim for 20% to eliminate private mortgage insurance and get a lower interest rate on the loan.

Another way is to maintain a large cash reserve as possible.

This will eliminate the risk of being compelled to sell the property fast at a loss when you lack the cash to maintain the property before selling.

Lastly, avoid investing in a property whose math doesn’t look appealing in fear of losing out on the deal. Avoid getting emotionally attached to an investment property and mind your risk tolerance as it could land you in trouble.

4. THINK DIFFERENTLY. Real estate investment doesn’t always have to be around singlefamily homes and apartments.

Consider the non-traditional real estate investments such as office buildings, storage unit complexes, industrial space, and warehouses. The real estate investment field is wide and not only centered around living spaces. Consider other options as well.

Work cited. https://www.noradarealestate.com/blog/10ways-successful-real-estate-investment/.

THE POWER IS NOW MAGAZINE | MAY 2021

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THE POWER IS NOW

MAGAZINE

WEST COAST EDITION

ARIZONA 2ND QUARTER REAL ESTATE UPDATES

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rizona is currently among the hottest real estate markets in the country, with the Greater Phoenix real estate market in particular booming. Buyer demand is still hovering higher despite the increasing home prices with dwindling housing supply, particularly new listings.

According to Redfin, home prices across Arizona were up 19.1% year-over-year in March. At the same time, the number of homes sold in Arizona rose 16.7% while WWW.THEPINMAGAZINE.COM

the number of homes for sale fell 49.8%.

Moreover, home prices in Arizona City were up 39.5% in March compared last year selling for a median price of $219,000, according to Redfin. Homes in Arizona city housing market sold after 33 days on the market in March compared to 40 days last year. Redfin also reveals that there were 45homes sold in March 2021 in Arizona City, representing a surge from 32 recorded last year. Arizona City

has a competitive score of 75 according to the Redfin Compete Score, meaning many of the listed homes get multiple offers, some with waived contingencies.

Moving on to Phoenix, homes prices went up 17.1% in March 2021, selling for a median price of $350,000 compared to last year, according to Redfin. Homes in Phoenix sold after 26 days on average in March compared to 32 days last year. According to Redfin, there were 2,693 homes sold in March 2021, an increase from 2,170 last year. Regarding l

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Yvonne Mcfadden

Elsewhere, if you’re considering moving to Arizona, some of the top places you should consider calling home include Scottsdale, Phoenix, and Tucson. A recent study by SmartAsset has revealed that millennials are moving to the Valley of the Sun in their numbers, as Phoenix ranked number three among top cities among cities where millennials are moving.

According to the study, millennials make up 23.23% of the population in Phoenix, or in other words, 390,570 out of the more than 1.68 million Phoenix population.

In another report by Redfin in February, Phoenix recorded the most significant increase of new residents around the country in 2020 and the second highest median home price of $340,000.

Arizona real estate market predictions.

LET’S HAVE A LOOK AT THE FUTURE OF THE REAL ESTATE MARKET IN ARIZONA? “If the housing inventory continues to stay as low as it has been, the market will continue to be strong well into 2021,” says Jan Leighton, Arizona Association of REALTORS president. “Unfortunately, this sudden boom has made it more challenging for first-time homebuyers, however, there may be more opportunities in the outskirts of their towns.”

Leighton further reveals that if mortgage rates maintain the current lows throughout the year, “buyers will continue

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to buy which also sweetens the pot for both buyers and sellers as buyers will take advantage of rates to upgrade.”

Moreover, Arizona Association of Realtors President-elect, Gary Nelson expects the real estate market in Northern Arizona to remain “extremely vibrant” throughout this year, same as last year. Northern Arizona’s real estate market was expected to begin heating up in early April and peak during the summer months.

In Southern Arizona, Tucson, which is the second-largest housing market, remained strong through Fall when it typically slows down.

“New constructions sales will continue to remain strong throughout 2021,” Arizona Realtors First Vice President Eric Gibbs says. “Even as sale prices continue to rise due to low inventory, new construction will continue to keep prices as low as possible for both Arizonians and families from outof-state looking to buy.”

In general, the Arizona real estate market is expected to continue growing through the second quarter and throughout the rest of the year. Brace yourselves folks.

The housing market is not slowing down any time soon.

Works cited. https://www.redfin.com/state/Arizona/housingmarket#overview. https://www.redfin.com/city/21311/AZ/ArizonaCity/housing-market. https://www.redfin.com/city/14240/AZ/Phoenix/ housing-market. https://azbigmedia.com/real-estate/residentialreal-estate/3-arizona-real-estate-marketpredictions-for-2021/.

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this, how hot is the Phoenix market?

According to Redfin Compete Score, Phoenix housing market is slightly above Arizona City with a competitive score of 76 out of 100.

THE POWER IS NOW MAGAZINE | MAY 2021

By Peggie Simmons

DOWNSIZING?

Living in a large and spacious home is always a great experience to some families but not for all. For other families, the effort and costs of maintenance that comes with it pose a huge burden, especially when the kids have grown up and moved out.

If you feel overwhelmed in your current massive home, moving to a smaller space or in other words downsizing, can be a great move both mentally and financially.

WWW.THEPOWERISNOW.COM

H

owever, let me remind you that downsizing often means sorting through items that have been accumulating over many years and making challenging decisions about what to keep and what to throw away. So, how do you do make sure you’re doing it right? The process may not be a walk in the park, but there are plenty of tips that you can borrow to make it easier and do it right.

1. START SOONEST POSSIBLE. There is no general rule of when you’re supposed to start preparing for your downsizing process, although some like to put it at at least 3 months prior.

However, the sooner the better. Start the process as soon as possible to give yourself room and time to sort through your house slowly and carefully without l

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NO PROBLEM BUT MAKE SURE YOU’RE DOING IT RIGHT

2. DEAL WITH ONE STEP AT A TIME. The thought of decluttering your whole home may seem overwhelming. However, dealing it one step at a time could make the whole thing very much easier. You’re more likely to easily handle the whole process if you divide it into multiple and more manageable sub-tasks.

You should also consider creating a schedule broken down into the identified subtasks or by rooms to ensure you stay on track without getting overwhelmed. For example, you can break down the project into the sub-tasks as shown below: • •

• •

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3. DETERMINE THE SIZE OF YOUR NEW SPACE. For you to properly downsize, you need to determine the size of the space you’re planning to move into. You’ll need to ideally know the size in square foots and shape of every room so that you can easily figure out which large pieces of furniture to do away with before moving. If you don’t have the accurate measurements of your new house or haven’t identified a new place yet, focus on sorting through the things you need and those you don’t.

4. CONTEMPLATE ON YOUR NEW LIFESTYLE. Besides considering the square foot measurement of your new place, you should also give the bigger picture a thought of what you’re looking to gain from downsizing. In other words, consider not just what item will physically fit in your new space, but also if they will fit into your new lifestyle in your new space. Downsizing presents an excellent

opportunity to reset and revamp, and you shouldn’t miss taking advantage of it.

5. CONSIDER SELLING OR DONATING THE NONSENTIMENTAL ITEMS. For the non-sentimental items you don’t plan on moving with into your new home, consider selling them to help you settle some of your moving costs or get new items you need such as for décor. Plenty of online marketplaces such as eBay and Craigslist are in place that will make selling your items online easy. On the other hand, if you lose interest in some items as you approach your moving day, consider donating them to the nonprofits and charities that accept and pick up home items and clothing including Goodwill, Salvation Army, Habitat for Humanity, The Arc, among others.

The process of downsizing doesn’t have to overwhelm you anymore if you follow the tips discussed in above.

Sort through your DVDs and video games.

Separate your clothes and shoes you plan on giving away from those you want to keep.

Put small kitchen items in one place.

Deal with your dresser drawers.

THE POWER IS NOW MAGAZINE | MAY 2021

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getting overwhelmed.

Starting the downsizing process early gives you enough time to keep your home free of clutter and things you no longer need using your preferred organization method.

Some of the most popular organization methods include One-A-Day method, KonMari Method, Four-Box method, and the Closet-Hanger method. No matter the method you choose, the aim is to find a balanced workflow and end up with items you actually need.

By Kamesha Keesee

HOW TO DEAL WITH BIDDING WARS IN CORONA, CA The competitive nature of house-hunting in Corona, California, is a buyer’s biggest nightmare. Finding the perfect house is a difficult task on its own, and it’s not unusual for several buyers to compete frantically for the limited number of homes available. Ultimately, it is up to the seller to decide which offer is the best and who’ll close the deal.

However, in situations where each of the offers WWW.THEPOWERISNOW.COM

made are similar, the decision-making process can be extended. At such times, the potential buyers would begin upping their offers and trying to outbid each other. That is quite common in highlysought-after neighborhoods.

To improve your chances of winning a bidding war, you have to have an edge over the competition.

Here are a few tips that could help.

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UNDERSTANDING BIDDING WARS If the term is new to you, a bidding war is a situation where two or more prospective buyers make offers on a home, and the seller has to decide which is the best offer. This decision is often easy to make when one offer is more attractive than the others.

2. OFFER TO PAY IN CASH. Offering an all-cash deal is a great way to get ahead of the competition. Cash bids are advantageous because they eliminate the need for a preapproval process. If you’re not capable of financing the entire purchase with cash, a good substitute is placing a large down payment on the house. That would make your bid more attractive and increase your chances of getting approval.

3. REMOVE CONTINGENCIES Contingencies in purchase contracts help to safeguard buyers from losing money if the deal falls through. However, in a competitive bidding situation, removing some or all of such contingencies can push your bid to the top of the list as the seller may like to avoid the drawback of a lengthy inspection. Still, it’s advisable to weigh the risks before making such a move to avoid buying a house with serious flaws.

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4. MAKE A HIGHER OFFER In a bidding war, money is essential. Making a higher offer on a home can increase your chances of winning the bidding war. The amount of competition you have should determine how much you choose to add to your initial offer, and your real estate agent should be able to provide you with some helpful insight.

5. WRITE A PERSONAL NOTE. While money holds some sway, home sellers can be moved by the personal notes of potential buyers. Here, you can explain why you want to buy the house and how much it matters to you and your family to have a home in that location. Never underestimate the emotional pull of words.

CONCLUSION Bidding wars in Corona can be long and frustrating, but knowing the proper steps to take would increase your chances of getting your dream home despite the competition. Again, regardless of how tempting it may look, always remember to stay within your budget.

References https://www.forbes.com/advisor/mortgages/bidding-war/ https://www.redfin.com/city/4249/CA/Corona/housing-market

THE POWER IS NOW MAGAZINE | MAY 2021

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1. GET PREAPPROVED While the former shows an estimate of the loan amount based on your income and other factors, the latter contains the exact amount of your mortgage. That shows the seller that the lender has done his/her due diligence and you’re fully capable of financing the purchase.

Ordinarily, a preapproval takes much longer than a prequalification, but it is well worth the wait.

By Ameer Elahee

RELOCATING? MAYBE YOU SHOULD CONSIDER THESE FIVE FONTANA NEIGHBORHOODS

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he COVID-19 pandemic has affected how we live our lives. And one of the changes we have recorded is individuals’ need to seek out less confined locations to live. Indeed, big city life comes with a variety of perks, such as a vibrant nightlife scene, thriving commercial sectors, and the blessing of anonymity. However, it also comes with so much pressure, and it’s perfectly normal to desire a change of pace.

Relocating can be an arduous task but having sufficient information makes the process easier. Within the San Bernardino County of Southern California lies Fontana, an enthralling location to consider if you are currently contemplating changing your residence.

YORBA LINDA With over 65,000 people, this neighborhood is well-known as one of the best in the Fontana area. The median rent is $2,079, and most residents own their homes outright. The location is a good fit for individuals who want to experience the suburban WWW.THEPOWERISNOW.COM

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To help streamline your choices, here are five neighborhoods within Fontana that could be a perfect fit for you.

lifestyle without trading-off big-city perks. If children are a consideration, you’d be happy to learn that Yorba Linda also boasts a highly-rated school district.

and thanks to the efficiency of the Sherriff department, crime rates are quite low. If you’re a lover of the outdoors, you’ll also enjoy the public parks and hiking trails within the area.

PARK VILLA For a city transplant, this neighborhood may seem somewhat isolated. But if you prioritize comfort and peace, know you can’t go wrong with Villa Park, CA. The town is one of the safest suburbs in Fontana, with a population of almost 6000 people. There are no small spaces here: each home is built on large lots providing residents with spacious backyards and front lawn. What this suburb lacks in hang-out spots, it makes up for by being close enough to urban areas so you do not miss out entirely on recreation.

CLAREMONT Claremont is a desirable location for first-time homeowners with a median rent of $1,651.

The area offers a pleasant mix of cultures, and the residents are very inclusive. Claremont is also home to some of the most respected educational institutions in the nation, making it one of the most suitable neighborhoods in Fontana to raise children in.

WALNUT Walnut is a popular neighborhood for young professionals in Southern California. With a close-knit community of about 30,000, the city has a captivating list of restaurants, shopping malls, and recreational areas. The public school system in Walnut is also renowned for its competitiveness

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EAST VALE This location has a very competitive housing market, and this is understandable considering the quality of life enjoyed by its residents. With a highly-rated school system, a variety of recreational and shopping outlets, as well as inclusive residents, East Vale is constantly undergoing upgrades to accommodate its growing community.

CONCLUSION As far as suburban communities

go, Fontana remains one often the most sought-out locations in the Los Angeles area. If inclusivity, safety, and affordable housing are factors you consider when contemplating a move, these five neighborhoods are worth checking out.

References https://www.architecturaldigest.com/ story/will-the-coronavirus-make-thesuburbs-popular-again https://www.niche.com/places-to-live/ fontana-san-bernardino-ca/

THE POWER IS NOW MAGAZINE | MAY 2021

Do you know

Peppermint Ridge?

We provide a community of loving homes and empowering support services for individuals with intellectual and developmental disabilities.

We

support and encourage our residents to live their

lives and fulfill their dreams by fully embracing their indvidual abilities and interests. With 24-hour specialized care and staffing, we provide comfortable, secure homes and recognize that everyone feels a sense of belonging when they have familiar places in which to spend time with family and friends.

There

is a true sense of family at Peppermint Ridge. Of the 94 adults who

live at The Ridge, 38 have lived here for more than 20 years, with 10 of those calling The Ridge home for 40 years or more. Residents have the opportunity to flex their muscles of independence while developing rich lives of their own away from their loved ones. About 30% of our residents have no family, so other Ridgers and our staff have become their family.

Many

caring companies, organizations and individuals in

the community enjoy getting to know The Ridge by helping on small projects, hosting fundraisers, lending a hand at events, volunteering in our office, and assisting residents in activities such as arts and crafts, pool days, horseback riding, music and piano lessons, and exercise classes.

825 Magnolia Ave • Corona CA 92879 • 951.273.7320 www.PeppermintRidge.org • Tax ID: 95-2409851

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By Ruby Frazier

FIRST TIME BUYER GUIDE: KNOW EXACTLY WHAT TO ASK FOR FROM YOUR MORTGAGE LENDERS

A

bout 65% of American homes are owned via a mortgage, so you are certainly not alone if you are considering one.

However, being your first time, you might find the numerous options for borrowers offered by financial institutions uneasy to navigate. This article is here to provide you some guidance on the top questions to ask your mortgage lender when shopping for a mortgage.

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IS THE INTEREST RATE FIXED OR VARIABLE? One of the first questions to ask your lender is the nature of the interest rate. When it is a fixed rate, it would be a lump sum that will remain constant throughout your loan. The variable rate - its name suggests - follows market changes. Research has shown that, in the long run, variable rates can be a better pick. For instance, the prices of homes in highbrow cities generally fell as an economic effect of the pandemic last year. A variable-rate would have reflected that in lower payments.

Nonetheless, if you have a stable income and the location is projected to experience a boom in prices - fixed interest rates might be just the cut.

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•

•

WHAT KINDS OF MORTGAGE LOANS DO YOU OFFER A PERSON BUYING A HOME? There are many types of loan products and even down payment assistance programs available. The different mortgage lenders offer varying types of loan products. These home loans can differ in the amount that is offered to you, the interest rate, the types of payments, the length of the terms. Some popular home loans include FHA mortgages, veterans affairs mortgages, jumbo loans, etc. Just be sure to get clarity from your lender so you can know what you are seeking.

ASK IF THERE ARE ADDITIONAL COSTS A mortgage usually has hidden costs -additional costs which you must take into account before signing an offer. These fees are not included in the credit amount and are payable once funds are released. One of such is the warranty fees. This guarantee (bond or mortgage) required by the financial

•

institution protects it if the borrower fails to pay loan maturities.

you are buying a new home or embarking on a moneyconsuming renovation.

WHAT ARE THE CONDITIONS OF THE CONTRACT? In a loan offer, there are clauses that you have to negotiate with a lender.

The suspension of maturity clause: this option offers you the possibility of suspending repayments for a few months -with a maximum of 12 months - over the term of a loan. Deferred maturities are carried over to the end of the loan, with additional fees.

The early repayment clause offers the opportunity to repay all or part of the loan before its term.

The maturity adjustment clause makes it possible to increase the monthly payments to repay your credit more quickly; hence you can reduce its total cost.

It is also possible to reduce the monthly payments to a limited extent. That will result in extending the credit with additional costs for the borrower.

The loan transfer clause allows you to keep your current credit rate on the new loan. Also, if the loan guarantee is attached to a surety organization, it will be possible to transfer it to the new credit. In the event of a rise in rates, this is an excellent opportunity!

The deferred repayment clause: this option allows you to defer the repayment of its maturities several months after the release of funds. That is ideal when

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HOW LONG WILL THE CLOSING TAKE? Missing a closing date can put your entire purchase at risk.

Ask your lender what you can do (perhaps submitting certain documents on time) to avoid the unexpected. Also, ask if your lender guarantees closings on time. Some financial institutions will pay borrowers a fee if they cannot close within a certain period, as long as the bank is the cause of the delay.

•

WHAT ARE THE CLOSING COSTS? These costs comprise issuance expenses, title insurance, appraisal fees, credit report fees, prepaid property taxes, homeowners insurance, and other items.

Get an accurate quote so you can plan the amount you will need to finalize the loan.

References https://www.quickenloans.com/learn/ questions-to-ask-your-lender https://www.nerdwallet.com/article/ mortgages/mortgage-questions-andanswer https://bettermoneyhabits. bankofamerica.com/en/homeownership/10-questions-to-askmortgage-lender

THE POWER IS NOW MAGAZINE | MAY 2021

ONLINE HOMEBUYER SEMINAR

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fortune.com

MEET

ROBERT REFFKIN

I

t is now official. Compass inc. is now public and there is an incredible story behind the company, but more so about the young founder, Robert Reffkin.

From the Whitehouse to Lazard and McKinsey and then to Goldman Sachs, this young talented man has rubbed shoulders with who’s who in the country to become a very influential personality, especially in the real estate industry. With

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his company going public, Reffkin may soon enter the not-so-long roster of black billionaires in the US. His rise to the helm of influence and power has been somewhat a quick one! But much of his success can be attributed to his upbringing.

Robert grew up in Berkeley, CA with a single mom, and before long, he was already at the White

House as a fellow. Soon after, Reffkin joined Goldman Sachs before co-launching Compass.

He was an only child and was raised by a single mother who by the way is a real estate agent for Compass. After his company went public, Reffkin had this to say, “I started Compass because of my mom, Ruth, a single mom who embodies the entrepreneurial spirit.”

THE POWER IS NOW MAGAZINE | MAY 2021

Reffkin lives in New York City with his wife Benis Reffkin who is a business and life coach. In a LinkedIn post, Reffkin praised his wife saying that she was the most important person in his life. “my best friend, my partner, my wife, and the mother of our three children, Benís. I’m thankful to be part of her narrative and to be able to share her story — one that I hope makes you and your family see that anything is possible and that we can all change our stars.”

Robert started his first business when he was only 15 years old. The business, a DJ Company was mostly funded by his Mitzvah and the savings he’d got from babysitting. At the time, he heavily invested on hightech gadgets that helped him mix CDs, guaranteeing that he could mix up to 50 songs his clients requested.

The company was called Rude Boy Productions and by the time he was graduating from high school, he’d already made more than $100,000.

According to Reffkin, the experience was in a large part influenced by his teenage involvement with the Network for Teaching Entrepreneurship. “NFTE taught me that if you set a dream, you can realize it,” Reffkin says. “And if someone were to tell me no — which my mom did initially — it’s more a reflection of their fear than my ability.”

That resilience has paid off! Not once but in so many areas of his life. It has helped him navigate the finance world and found two philanthropic educational groups even before starting Compass.

Apart from being charming, and loving, Robert has been a founder before!

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The company develops software to be used by both buyers and sellers.

The program provides details about the houses that are moving on the market and what industry trends might affect the price, the interest rates, and possible fluctuations that might occur. The company has been hailed as the “Pinterest of real estate” due to its user-friendliness as users can comfortably create a collection of photo galleries on intriguing

mylalifestyle.com

Reffkin co-founded Compass and became the CEO of the company.

Basically, Compass revolutionized the industry by developing software that both speeds up and simplifies the home buying process.

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properties, share the photos with family and friends.

Robert now celebrates collaborating with programmers, designers, and many agents all across the country. Through his social events, Reffkin builds inclusive workspaces and networks such as the Women of Compass that have philanthropic programs.

According to Reffkin, his agents should help clients not only find their dream homes, but also the

The Guy Can Run!

ideal community. “A place where they can feel valued and safe and have a sense of belonging,” he says. “What inspires me the most about Compass and our mission is that we’re helping people find their place in the world.”

The company’s product was designed with the mindset of a local, friendly shop, and with that, it rose up the ranks becoming a strong competitor of momand-pop offices and real estate heavy-hitters alike. Three years after its inception, Compass was

named Mid-Sized Business of the Year by the Manhattan Chamber of Commerce. Apart from that, the company has been honored with the Business School’s Distinguished Early Achievement Award. Reffkin himself has appeared on Crain’s and Fortune 40 under 40 lists.

In just over 5 years, Compass has grown from just a single office in New York into a billion-dollar enterprise with offices all over the country.

Reffkin’s generosity is beyond all measures. Aside from founding two philanthropic organizations, he has found a hobby in running to help others. One of his primary philanthropic activities has been to run a marathon in each of the 50 states to raise $1 million for youth education and enrichment programs.

REAL ESTATE WAS NOT HIS FORTE While he may have created one of the disruptive technologies in real estate, sources indicate that he had less knowledge about the operations of the industry. In fact, his knowledge of the industry was rudimentary and he actually didn’t know the difference between a co-op and an apartment. But that was his motivation, his driving force. Doing things that made him step out of his comfort zone.

His confidence is overwhelming. One person actually said that Reffkin lacked experience in almost everything he did. His former boss, Cohn actually said that Reffkin has an “aura of confidence.”

Sources close to the man say that he might someday run for public offices, such as the mayor of New York City.

HIS PHILOSOPHY IN LIFE His definition of success is not a financial bottom line. It is more than that. According to him, real success comes from a rewarding work environment and a strong mission to change lives.

He says that people are motivated by meaning; “I believe Compass will help more people realize their dreams than any other company on Earth,” he says. Talking to him for just a few minutes you will see his sincerity. His big dreams along with his powerful conviction in the power of a community.

All of this encompasses his personality and they have been with him since childhood.

Data Sources https://www.college.columbia.edu/cct/issue/summer17/ article/%E2%80%9C-journey-was-exciting-part%E2%80%9D https://africa.businessinsider.com/tech-insider/6-importantthings-everyone-should-know-about-robert-reffkin-who-left-asuccessful/rpqf7k4 https://www.crunchbase.com/person/robert-reffkin

By Cornelius Jackson

W IT ISN’T IMPOSSIBLE WITH LITTLE TO NO MONEY DOWN WWW.THEPOWERISNOW.COM

WHAT IS REAL ESTATE INVESTMENT? If you are a newbie, you might be wondering what investing in real estate is all about. Real estate investing simply refers to all operations that go on in the business with the intention of making a profit in the long run, including the purchase and management of properties for future sales or rentals.

That applies to the various categories of real estate, from residential properties to commercial, special-use, and land properties. Two well-known characteristics of real estate which investors take into consideration are that:

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DEBUNKING REAL ESTATE INVESTMENT MYTH IN IRVINE:

ith the median sales for a property in Irvine, CA pegged at $ 921,895 - almost a million dollars - the misconception that you have to have a lot in your pocket to embark on real estate investment in the city is understandable. However, regardless of what you see on TV shows like Fixer Upper: reality often presents a different story.

And though it is usually assumed that real estate investing, especially in cities like Irvine, is for the rich kids, here’s a Reality check: You do not have to have a lot of money down if you want to get into the real estate investment. Read on to find out how!

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It has relatively limited liquidity.

It is capital intensive.

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For that reason, beginners and persons unfamiliar with the terrain presume that one needs massive funds down before one can invest in the industry.

However, moguls would tell you otherwise: that such isn’t impossible. All you need is the know-how, and that is what you would be learning here.

WAYS TO INVEST IN REAL ESTATE WITH LITTLE OR NO MONEY DOWN • Form a Partnership If you have limited funds to invest in real estate and are new to the business, forming a partnership might be your best bet. It involves partnering with other real estate investors who would provide a large portion of the financing to purchase a property.

Note that to succeed at attracting partners, you must be willing to undertake to do most of the work: doing proper market research in finding properties with attractive ROI, purchasing, and management. On the flip side, these investors are usually more seasoned and experienced, so it is a win-win relationship.

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House Hacking House hacking is a top real estate investment strategy anyone can take advantage of and is a great idea when you do not have much money to invest. And what’s more, you can legally house-hack a property you reside in - which is mortgaged. If the property has multiple units, you can have one as your primary home and rent out the others. If it’s a single-family home, you can still rent out a bedroom or basement.

The income you collect from the rents can then pay for your mortgage and perhaps renovations on the home, thereby increasing its market value.

Nothing comes close to house hacking when it involves killing two birds with one stone: clearing your mortgage debts and starting real estate investing from scratch.

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Private Equity / Crowd Funding If you have a low credit score, or you want to avoid financial institutions and debts as a whole, you should consider private equity or crowdfunding. In private equity, you can reach out to venture capitalists if you have mapped out a brilliant business model for real estate investment and are willing to kick-off a startup company to that effect. These investors would consequently own an agreed portion of the shares and the profits they generate.

In crowdfunding, you can reach out to as many people as possible through publicity strategies that would be willing to invest a specified amount - usually a little bit of money - with a given ROI. If you are going to undertake this path, know that it takes a lot of grit and dedication.

Nonetheless, many successful real estate investors started this way as well.

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Real Estate Wholesaling Can you invest in real estate without even purchasing an investment property? The answer is Yes! - through real estate wholesaling.

All this strategy requires is for one to be highly opportunistic: you find a property that is being sold under market value, put it in a contract, and find a buyer willing to sign up for it. Then you earn your cut for quickening the process.

To be successful with this method, it is vital that you have eyes and ears everywhere: a broad real estate network and easy access to info on cheap-selling avenues like bank sales and foreclosed properties.

References https://www.mashvisor.com/blog/how-to-invest-in-real-estatewith-no-money-beginners-guide/ https://en.wikipedia.org/wiki/Real_estate_investing https://www.auction.com/blog/what-is-house-hacking/ https://www.mashvisor.com/cities/ca/irvine-investmentproperty-guide

THE POWER IS NOW MAGAZINE | MAY 2021

2021

By Jenny Gonzalez

CORONA HOUSING REPORTS, MAY 2021

Trends, Data, and Appreciation Rates

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earing an uncanny resemblance in name to the pandemic which has lately plagued the globe, the beautiful South Californian city of Corona has its unique appeal to homeowners and businesses. The city was once known as Lemon Town due to the citrus boom in the 1880s - though it was originally named South Riverside - all before “Corona” (the Latin for crown) was settled on due to its Grand Boulevard’s circular layout spanning three miles.

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The city has a quieter, suburban nature compared to other Californian metros. But that isn’t the only reason why it is a favorite relocation choice for families and professionals.

It is also not too far from the commercial center, Los Angeles - just an hour’s drive - and is a more affordable option.

into the Circle City, you must be familiar with the market’s trends and relevant data. That will help you make well-informed decisions. In this article, we have curated the latest housing reports for Corona, to which you might wish to pay attention.

Whether you are an investor seeking to explore the city’s real estate market, or you are an individual contemplating a move

Within the eleven neighborhoods which make up the city of Corona, there are close to 500 homes for sale, which range

THE VALUES OF HOMES IN CORONA, CA

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between $34 thousand to $10.5 million. At the end of the last quarter of 2021, the median price of home listings was $600K, surging up by about 12.1% over the previous year.

The price per square foot had a median listing average of $284, up by about 15% over the past year.

Among the neighborhoods hosted in Corona, Orange Heights has the most highlypriced homes, with a median price of $869 thousand on listings. Dos Lagos, on the other hand, is the least expensive neighborhood. Its median cost averages $465 thousand on home listings.

Additionally, there were about 50 rental listings at the end of the first quarter, with prices ranging from $9-$710 thousand per month.

SALES-TO-LIST PRICE RATIO The prices at which homes sold almost paralleled the asking price - a ratio of 101% sales to list price. It is evident then that price negotiations can only do so much, and you are more likely to purchase a home at a higher amount than what is listed.

A VERY COMPETITIVE MARKET

The city’s real estate market is highly competitive. Corona houses receive multiple offers for sale, which is about ten on average. What’s more, the period between an offer and the close of sales is only about thirty days. Some homes have even sold about 5% above the list 84

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price and within seven days!

It is no surprise then that the home resale inventories in Corona were 105 towards the end of 2021’s Q1.

Also, Foreclosures, short sales, and other distressed properties remained a percentage of the total market as it had been in 2020.

The reason for the far-reaching competition in Corona’s housing market is that it is essentially a seller’s market. Demand for homes is far greater than the number of available homes - and this is also why the appreciation rates are growing.

MEDIAN DAYS ON MARKET On average, homes in Corona remain in the housing market for 58 days - after which they are sold. This trend has stayed mostly flat since the past year.

CONCLUSION

The real estate market in Californian cities has generally witnessed a bounce-back as the ill effects of the COVID-19 pandemic start to wane.

Regardless, if you wish to make any moves whether, for personal use or investments in Corona, it is vital to familiarize yourself with the city’s local market trends and data.

References https://www.realtor.com/ realestateandhomes-search/Corona_ CA/overview https://www.redfin.com/city/4249/CA/ Corona/housing-market http://grahamandthehometeam.com/ corona-real-estate-market/ https://www.windshieldrepaircorona. com/blog/corona-california-funinteresting-facts

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We help you achieve the American dream of homeownership!

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By Danon Burnside

FORECLOSED PROPERTIES FOR SALE: A guide to your foreclosed properties for sale

A foreclosure is a saddening event, a herald of the tiding that an American’s dream of owning a home has been shattered, albeit temporarily.

Ironically, the Covid-19 pandemic lessened the rate at which foreclosures occurred last year, given that lenders were unwilling to foreclose properties and went for novel negotiations instead - unlike what happened in the 2008 global economic meltdown. Nonetheless, for those seeking to own homes or invest in real estate at cheaper sums, finding a deal for foreclosed properties is god-sent.

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n this article, we will be guiding you through all you need to know about foreclosed properties for sale, from the finding them to making the decision on whether to purchase one.

WHAT IS A FORECLOSED PROPERTY? A foreclosed property is one in which ownership is transferred to a financial institution or lender as a result of default in the repayment of a loan by the former property owner. The foreclosure process serves to help a lender recover the debt on a defaulted loan.

Here’s what you should know about foreclosure and foreclosed properties: •

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Foreclosure occurs when a lender wishes to take over a property because the owner has defaulted in the settlement of a mortgage loan or failed to meet other requirements of a mortgage agreement.

Property owners are given 30 days to settle their mortgage obligations before the property is foreclosed.

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MERITS AND DEMERITS OF FORECLOSED PROPERTIES Acquiring foreclosed properties have both their advantages and downsides. The primary advantage of buying foreclosed homes is that they are much cheaper than similar houses in the same area.

On the flip side, foreclosed properties usually require much improvements - renovations and repairs. They usually carry “as is” conditions at sale.

Besides, some might still have liens or mortgage payments attached to them, which a new owner can inherit.

Thus, it is necessary that you evaluate this carefully before seeking to purchase any foreclosed property which is for sale.

HOW TO FIND FORECLOSED PROPERTIES FOR SALE In San Bernardino County, CA, 1 in every 5145 homes are foreclosed annually. That is about 0.02% of all real estate, a bit higher than the Carlifonian and national average of 0.01%. Thus, there is a better chance of finding foreclosed properties for sale in the county, but with so many other real estate investors on the lookout for them as well, you have to know your way around it.

Below are a few tips to finding such properties that would be a great fit for you.

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Check out bank websites.

Banks often display the foreclosed properties they have for sale on the internet. Details such as selling prices, images of the homes, descriptions, and agent contact info are listed as well. If you find them limited, you can also check out Fannie Mae and Freddy Mac’s websites for their listings as they buy mortgages from the banks.

Government-owned listings Governments agencies, such as the Department of Housing and Urban Development, showcases their foreclosed properties on its website. They also utilize local real estate agents for that purpose.

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Employ a foreclosure-listing service or an Agent Firms like RealtyTrac offer comprehensive foreclosure listings at reasonable prices. Also, you can employ real estate agents to take care of the search as they are usually familiar with the market and would be aware of properties close to foreclosure.

TIPS FOR PURCHASING A FORECLOSED PROPERTY You can purchase foreclosed properties at any stage of the foreclosure process, right from the preforeclosure phase. At the Preforeclosure stage, the owner is still in control of the property as it is officially yet to be foreclosed. For Short Sale, the owner sells the home to you at a price below their debt, but you need the approval from the bank.

Auction Sales mean just that - the opportunity to purchase already foreclosed homes at aunctions.

And then you can buy these homes directly from banks or government departments.

Regardless of which stage of the process you choose to acquire a foreclosed property, here are some tips you should follow.

1. Hire an Experienced Real Estate Agent: The need to have an experienced realtor to guide you through the process can hardly be overstated. Besides, Banks usually prefer dealing with agents to individuals.

2. Get Your Cash Ready - or Your Mortgage Approval Letter It is more preferred that you have your cash ready beforehand. Otherwise, ensure that your mortgage loan has been approved.

3. Inspect and Carefully Consider Properties Before Purchase It has been said again and again that foreclosed properties are usually not in a pretty state.

Although banks will hardly agree to make repairs, you will have the permission to inspect.

Do this and then consider whether it is worth your money.

References https://www.investopedia.com/investing/buying-foreclosed-home/ https://www.rocketmortgage.com/learn/buying-a-foreclosed-home-pros-cons-and-how-to-purchase https://money.usnews.com/money/articles/2008/02/06/5-ways-to-find-deals-on-foreclosed-homes https://www.fortunebuilders.com/pre-foreclosures/ https://www.realtytrac.com/statsandtrends/foreclosuretrends/ca/san-bernardino-county/

By Denise Matthis

SAN DIEGO PROPERTY GUIDE:

Best Neighborhoods for homebuyers The new normal, majorly characterized by work-from-home trends, has had many people dreaming about getting a new place due to different reasons.

Well, have you thought about getting a place anywhere in San Diego? Do you have any idea of where to start? First, you have to understand that choosing to get a home in San Diego is a perfect choice. This article will guide you on the best neighborhoods in San Diego you should consider checking.

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1. GOLDEN HILL. Located on the south of Balboa Park, Golden Hill features a quiet coolness due to its historic roots and contemporary renaissance. This neighborhood is best known for its attractive architecture that features Victorian, Craftsman, and Colonial Revival-style homes across the neighborhood.

It has remained among the few neighborhoods in San Diego that has kept overcrowding at bay.

Golden Hill offers plenty of housing options at varying prices, meaning there is an option for everyone. One thing that makes the neighborhood stand out is its degree of diversity. The Greater Golden Hill Community Development Corporation is against gentrification and even goes ahead to boost community engagements projects such as Golden Hill Community Garden and community farmers’ market.

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The city has always been considered a more affordable housing choice especially for firsttime homebuyers. Homes in La Mesa are also available on a wide range of budgets; whether looking for a midcentury home with a huge backyard or a costly modern home overlooking open spaces, you’ll find it here. There’s simply something for everyone in La Mesa.

3. BRESSI RANCH Located between the Carlsbad coastline and San Marcos hills, Bressi Ranch comes with perfectly maintained parks, top Carlsbad schools, and plenty of shopping and entertainment, while residents enjoy access to lots of amenities within a short walk or drive. In Bressi Ranch, community comes first and there is a lot of community engagement in the area. The local HOA groups in the area actively plan a series of impressive events and regularly host get-togethers.

Besides the sense of communism, homes in this area highly prioritize luxury and feature traditional architecture with contemporary interiors that result in an idyllic blank canvas for your personal touch. If you’re looking to enjoy the luxuries of living in the vicinity of a beach without coastal crowds and tourists, Bressi ranch is the place to call home.

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4. POINT LOMA. Point Loma is an old-school coastal community that has for a long time remained sought-after for its walkability, burgeoning eats and, of course, prime ocean views. According to San Diego Association of Realtors president, Carla Farley, Point Loma remained a popular choice for homebuyers even in 2020. “Though the price point is significantly higher, Point Loma has surprisingly still seen a lot of transactions within the past year,” she says.

On a normal day, you will find its blend of young and retired residents exploring what the Liberty Station has to offer, the iconic landmarks such as the Cabrillo National Monument, or enjoying a weekend bike ride along the bay. If you’re looking for a good place to raise a family, Point Loma will offer you the serenity you need and many excellent school options from elementary to undergraduate.

However, it’s worth noting that prime ocean views attract bigger bucks. So, if you’re looking to explore this area, consider that.

But there is no need to panic since it’s worth every bit of it.

5. SABRE SPRINGS. With a population of above 14,000, Sabre Springs is among the best places to live in San Diego County and in the larger California. Living in this area comes with a dense suburban feel.

The neighborhood also features highly rated public schools while many families and young professionals who live here own their homes.

According to Niche.com, Sabre Springs have an overall grade of A+. Public schools, good for families category also have a score of A+, while diversity has an A, crime and safety has B+ score on Niche.com.

This simple guide should give you a starting point if you’re looking for a home in San Diego. Now buckle up and let the hunting begin.

THE POWER IS NOW MAGAZINE | MAY 2021

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2. LA MESA La Mesa is a city full of character and is a safe haven from urban life that keeps its residents not too far from downtown San Diego. The city’s stunning main street, La Mesa Boulevard, is lined with cafés, antique stores, and familyrun shops. The city also features an interactive and fun community that hosts a variety of community festivals throughout the year including a weekly car show in summer months and the famous Oktoberfest.

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By Kenneth Session

HERE ARE SOME OF MY REASONS WHY YOU SHOULD NEVER DEPEND ON THE LIST PRICE TO GUIDE YOUR HOME SEARCH WWW.THEPOWERISNOW.COM

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ome is more than the place you retire to at the end of a busy day. Home is more than a cozy couch, an expanded kitchen, a well-aired living room with trendy drapes, and an inner room with a massive bed. When Home is where your heart and head are, it means there are many calculations to slot in when doing a proper home search.

Home has to be a place where you have a foundation of warmth, love, and affection. A home should offer you a springboard for flourishing in your life and career. It has to be a place you have no hurry to leave, you are grounded. And if you are raising a family, it must offer amenities and supportive structures, and ambiance. These are things you cannot grasp by merely looking at the home list price!

Fine! You want a home, you have the money. Here are some of my reasons why you should never depend on the list price to guide your home search.

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The list price can be as deceiving as buying a padlock, yet the price of the unlocking key is separate and unknown. In the interest of clinching a sale deal, it is not necessarily the priority of the seller to list every cost that will emerge later once you have the Home under your armpit. It behooves the buyer to gather information on other undeclared costs, services charges, unfinished constructions, utility

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deposits, land rates, and others that may push the final cost into the realm of regret. When the deal is too good, think twice!

The list price will not tell you the intricate details about the home style you want. You require more information to determine the Home’s compatibility with your design and home décor. This includes the degree of flexibility the Home can afford to your ideas. A studio is not similar to a single. Similarly, a townhouse is not comparable to a condo or a beach house when it comes to décor. The home layout cannot be captured in the pricelist. Other things about the structure you need details of include how available space is arranged, the fittings, and the building’s age. A thorough inspection beyond the price glimpse is necessary. A physical inspection of the building and surrounding will offer the visual texture one requires before making the crucial decision.

Beyond aesthetics, there is also the crucial point of individual lifestyle. The list price will not help determine what home suits this; family preferences, pets, nightlife, amenities, work, transport…The list is as varying as people’s characters and preferences vary.

Your choice of Home ought to fit your style!

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The list price will not tell you about the neighborhood. It can try but not sufficiently.

Price can show it is a costly neighborhood, but it wants to tell you what is costly in that neighborhood. Yet, neighborhood matters. Is it a quiet place? Serene and isolated? Is it among party animals? Are neighbors the snobbish lot? Do they have local resident associations you can hook to? Find out about safety and security. When did the last burgling occur? It all matters! Go deeper and unearth details of the surroundings and decide how your future Home and life will fit in. Drive through and spend some time in the area to make observations about the area.

Acquiring a dream home requires more than an over-the-counter transaction. It cannot be a matter of the list price. The considerations are vast and the engagements deeper. It requires keenness and the curiosity to nose around for details. A home search requires dedicated research for details; an inspection is inevitable. When all the wishes are met, you can sail home with contentment.

Work cited https://www.mymove.com/buying-selling/guides/mostimportant-factors-for-buying-your-dream-home/

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Director of Marketing Golden State Finance Authority o: (916) 384-1619 f: (916) 444-3219 csunseri@rcrcnet.org

By Robert Langston

WHAT HOMEBUYERS IN FAIRFIELD VALUE THE MOST! The ultimate decision of buying a home is a culmination of a myriad of considerations and soul searching. Homebuyers require satisfaction at the level of their needs and wishes. Beyond the sheer acquisition of shelter, most buyers in Fairfield have peculiar wishes and specifications that embrace their values and desires. These are not only personal, but in many instances, they are a conventionally accepted necessity. The warmth of owning a home must come with the peace of mind and the contentment that you have the right features that suit your lifestyle within the brackets of affordability.

LOOKS MATTER. Do not be deceived that style, design, and outward appearances are for the showy and moneyed few who are merely obsessed with aesthetics. Homebuyers in Fairfield have a taste and value for money but are keen on the quality as the eye perceives it. They are not going for a bland, tired look. The type of landscaping, the flower pots, the outer roofing material, the floor tiles, wall paints, and ceiling fittings may appear non-consequential, but

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our homebuyer in Fairfield takes mental notes about these every time they see a property. Oh, and do not forget the exterior lighting.

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THE INTERIORS SHOULD MATCH THE OUTSIDE. The property’s exterior should never be an empty promise, a false decoy. That would be a turn-off for the Fairfield homebuyer. Once the outward appearances have arrested the attention, the interior should crown it all l

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with the ambiance and finishing that impress the eye and meet the functionality desires of modern and progressive individuals. The kitchen and the bathroom are particularly always given a second and third look with an inquisitive attitude. Homebuyers are keen on the remodeled living spaces with a touch of modernity. Homebuyers value a properly renovated property. Within the same breath, it is essential to remember to have a properly equipped modern laundry room.

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SPACE, AND MORE SPACE. The desire for more space seems to drive every aspect of home buying. This is behind the reengineering innovation to create more living space and even more storage space. Buyers highly appreciate the creative, innovative use of available space to accommodate more. Any space-related improvement is a big plus; patios, open floor plans, and ample garage and walkin pantry are all impressive to the Fairfield Homebuyer.

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ACCESS AND CONNECTIVITY. In a fast-growing world, human activity, entertainment, education, and other dayto-day engagements have moved onto the internet, and connectivity to a vast information superhighway is as vital a consideration as water, gas, and electricity by any homebuyer within the Fairfield circuit. Accessibility to main

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transport routes is also an essential point for the homebuyer.

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SAFETY AND SECURITY. The Fairfield homebuyer cares deeply about personal and property safety. Security enhancement features such as CCTVs in the neighborhood and the reputation of local security patrols and neighborhood crime watch.

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ECO-FRIENDLINESS AND LOW MAINTENANCE FEATURES. Energy efficiency is always in the mind of the modern homebuyer within Fairfield. Apart from the need to use energy-saving methods to save money, eco-friendliness and going green have become a lifestyle and a philosophy of life in many homes amid the need to protect the environment through Eco-friendly installations cut down on carbon footprints. Energy efficiency installations such as solar panels are exceedingly desirable for home heating. Lowflush toilets, attic insulation, double-paned windows are all valuable low maintenance features.

Work cited. https://www.thanmerrill.com/the-5-most-important-featuresfirst-time-homebuyers-want-this-spring/. https://www.nerdwallet.com/article/mortgages/how-toincrease-home-value.

THE POWER IS NOW MAGAZINE | MAY 2021

UNDERSTANDING YOUR LOAN OPTIONS:

FIXED-RATE LOANS

By Briana Frazier

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s a homebuyer, you need to understand not all homes are the same. And knowing what kind of loan is most suitable for your situation prepares you for reaching out to lenders and landing the best mortgage loan. So, what loan options do you have? To make it clear, a loan option always contains three things: loan term, interest rate type, and loan type.

Under the loan term, there is

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one for 15 years and the other one for 30 years. Why is loan term important? The loan term affects your interest rate, your monthly principal and interest payment, and how much you will be required to pay to clear the loan. Note, the longer the loan term, the more interest you’ll be required to pay.

For the loan type, mortgage loans are categorized based on the size of the loan and whether

they are government backed or not. Under this, we have conventional loans, FHA loans, and Special program loans.

Each loan type is designed for different situations and only a single loan type will fit suit your situation.

Moving on to the interest rate type, we have the fixed-rate loans and the adjustable-rate mortgages. Let’s have a deeper dive on this.

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1. FIXED-RATE LOANS. Like the name suggests, a fixed-rate loan charges a fixed or set rate of interest that remains constant throughout the life of the loan. While the principal and interest paid each month is different with every month, the total payments remain untouched, easing budgeting for homeowners.

Moreover, while the interest rate may be fixed, the total amount you’ll be required to pay is dependent on the loan term. Shorter-term loans come with lower interest rates and higher monthly payments so as to repay the principal in a shorter period, and vice versa.

2. ADJUSTABLE-RATE MORTGAGE LOANS. Adjustable-rate mortgages (ARM) on the other hand, come with variable interest rates. Their initial rate is set below the market rate on a comparable fixed-rate loan and remains unchanged for a specified period, after which the rate rises with time at a pre-arranged frequency. If held long enough, the ARM rate will surpass the going rate for fixed-rate mortgages. The fixed-rate period for ARMs varies significantly anywhere in between one month and 10 years. After the initial term, ARM resets. This means it acquires a new interest rate based on the current market rates, which it maintains until the next reset.

One big advantage of adjustable-rate loans is that they are less costly compared to fixedrate loans, at least for the first three, five, or even seven years. After this period, the cost of ARMs is likely to rise based on the current market rates and not the initial below-market rate. However, since the rates adjust based on 104

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the current market rates, they necessarily don’t rise. They may dip lower depending on the market rates at the time of reset.

Adjustable-rate loans are also preferred by many since their low initial payments often facilitate the borrower to qualify for a larger loan. Additionally, in the event of a fallinginterest-rate environment, borrowers enjoy lower interest rates, which translate to lower payments, and doesn’t necessarily need to refinance the mortgage loan.

On the other hand, ARMs pose significant downsides. ARM borrowers’ monthly payments may shift frequently over the loan life.

Additionally, if you borrow a large loan, you could be in trouble when interest rates surge.

Some ARMs are designed in a way that interest rates can nearly or even double in a period of a few years. You should always be careful when going for this type of mortgages.

Conclusively, when choosing a suitable mortgage, always consider a wide range of personal factors including your financial status and align them with the reality of a dynamic marketplace.

Work cited. https://www.investopedia.com/mortgage/mortgage-rates/ fixed-versus-adjustable-rate/.

THE POWER IS NOW MAGAZINE | MAY 2021

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One big advantage that fixed-rate mortgage loan borrowers enjoy is the protection from sudden and potentially significant surge in monthly mortgage payments once interest rates rise. Additionally, fixed-rate loans are straightforward thus easy to understand and have small variances between lenders. On the other side of the coin, qualifying for fixedrate loans when interest rates are high is very challenging since the payments are less affordable.

By Adrian Bates

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ocial media has metamorphosed from the platform for the meeting point for chit chat, banter, and the light entertainment it was. It is now the world’s vast marketplace of ideas, services, and goods. Unhindered by space or time, social media has become the most critical tool for business communication and ultimately the largest arena upon where ideas are constructed and spread with speed or where others are deconstructed and invalidated with unrestrained ferocity.

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LOOKING AT SOCIAL MEDIA FROM A NEW PERSPECTIVE: IS IT A BIGGER PRIORITY NOW THAN EMAIL FOR GROWTH? As the entire world is convulsed in the internet labyrinth, social media has emerged as the most convenient arena for convergence and building of relations and expansion of businesses. Simultaneously, the existing frailties of social media platforms have meant that when official matters of a business are communicated, it is done through the formal email lists in a more personalized way.

The delicate co-existence between these modes of communications with clients is also occasioned by the fact that a section of society, notably the older segment, has been slow to adopt the social media craze or is opposed as an outright generational protest or technophobia. They will continue to grapple for space, but social media platforms have grabbed enough attention and space, and every serious real estate

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business cannot ignore the heat and light generated around social media.

Compared with the use of Email, the social media platforms will get to many audiences in the from far and wide across the country faster than many perceive. This is beyond what traditional broadcast email can achieve. There is no better strategy to have information widely scattered across the globe than social media.

The current generation of internet users converges on social media sites such as Facebook, Instagram, Twitter, and LinkedIn. It is not a priority to have your real estate on these platforms but to maintain a reputation of constant updates, reputation management, and prompt resolution of arising matters to reap the fruits of social media marketing.

When viewed critically, social media has not taken the place of traditional email communication per se. What it had done is that it has taken a highly hyped position in the communication continuum, so prominent that it cannot be ignored. For real estate business, Social media is a priority frontier because of many issues, including; •

VAST SPREAD MEANS TO REACH HIGH INTENT CLIENTS. The social media algorithm ensures the clients who require chronological information are updated frequently and can find authenticity in the stories and endorsements of others.

When it comes to the mass broadcast of information without discrimination, social media wins against traditional email lists.

SOCIAL MEDIA IS COST-EFFECTIVE AND IMPACTFUL. Social media pages updated frequently will achieve more meaningful and timely communication and avoid back and forth email exchanges and follow-ups. Scaling down teams reduce the cost of running a business,

•

•

and the interpersonal and intergroup conversation in social media is essential in improving the quality of services BRAND AWARENESS AND TRUST ARE QUICKLY BUILT ON SOCIAL MEDIA THAN USING MAILING LISTS. Social media platforms such as FaceBook have features to test awareness and monitor a brand’s reach. This is achieved through followership, views, likes, and endorsements.

On the same plane, these platforms being visual create a better mode to display the products in a more powerful multimedia context and occasionally live-streaming.

Responses are immediate, and this enhances the growth of a company and its products.

On a functionality scale, social media platforms will continue to command priority because of the high traffic associated with them compared to email lists. The Email nevertheless remains the treated tool of one-to-one communication to clients. It seems the two modes must proceed in a complementary relationship. While Social media gets in the client, the Email completes the deal!

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Work cited. https://www.lucidpress.com/blog/5-social-media-tips-real-estate.

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THE POWER IS NOW MAGAZINE | MAY 2021

By Success Money

5 THINGS YOU NEED TO KNOW ABOUT REPURPOSING REAL ESTATE

Realtors have noted that the South California real estate stock is presently experiencing an annual drop due to the COVID-19 pandemic.

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Interestingly, it has been identified that this state has pulled the attention of people to technology and entertainment, providing real estate investors in South California an opportunity to repurpose and benefit from the unique growth capacity of the economic base.

THINGS YOU SHOULD CONSIDER BEFORE REPURPOSING REAL ESTATE PROPERTY Given that recent happenings - such as the Covid-19 pandemic - are leading to shifts in demand, repurposing your property might be your top consideration to maximize profit. Nonetheless, no matter how good or necessary an idea seems, you must examine it thoroughly to avoid taking reckless risks. That is because not every great thing will work for you.

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ith its symbolic rebirth and renewal from the ashes, the mythical phoenix finds some expression when real estate is repurposed. Simply put, the remaking of a building to fit some other purpose other than why it was built, is a beautiful innovation.

For one, it is a more economic and sustainable option to meeting novel housing needs, compared to constructing new buildings.

Besides, although nerve-racking, it gives one an edge over the competition. And with the changing landscape of real estate, it just might be one of the best things to consider to make the most of investments.

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So, here are five essential factors you should consider before embarking on repurposing projects: • • • • •

The economic viability of the project Environmental sustainability considerations Proper collaboration with the public sector Location, demand, and local infrastructure Incorporating Flexibility

Let’s look at these in detail.

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THE ECONOMIC VIABILITY OF THE PROJECT The chances a repurposing proposal has to thrive is an essential factor you must pay proper attention to. You may even have to hire an experienced realtor to check out the feasibility of the project - and whether it is something you can sell or rent at a competitive and profitable rate. Because if it’s not going to be viable on the market, what’s the point?

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ENVIRONMENTAL SUSTAINABILITY CONSIDERATIONS To guarantee a future-proofed atmosphere for a repurposing program, you must be willing to contemplate sustainability. As the world is generally going greener, you must have a foolproof plan to implement sustainability best practices within your project design.

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PROPER COLLABORATION WITH THE PUBLIC SECTOR For a successful repurposing of real estate, a project must have the local administration’s support. Ensure that you have any required permits and are willing to meet any local regulations as you consider whether or not to repurpose.

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LOCATION, DEMAND, AND LOCAL INFRASTRUCTURE What will work in Orange, for instance, might not work in San Bernardino. You have to analyze the location of your property, and how that would affect demand. Also check out available local infrastructure: will it prove helpful if you were to embark on repurposing?

These issues are germane to determine if a repurposing project would succeed - and how well it would.

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INCORPORATING SUFFICIENT FLEXIBILITY The long-term accomplishment of repurposing projects should be easily adaptable to subsequent changes in the market. If you choose to invest in one, you must continue to think creatively and flexibly, to ensure that the project adapts to a frequently fast-changing market force.

CONCLUSION Repurposing real estate is now becoming a trend, heightened by the impact of the recent pandemic on consumer behavior. Nonetheless, and like all other trends, it is essential that you adequately evaluate what it would mean for you before jumping on the boat.

References https://www.mashvisor.com/blog/tips-investing-californiahousing-market/ https://placetech.net/analysis/repurposing-real-estateopportunities-challenges/ https://rand.org/blog/2020/07/declining-commercial-realestate-demand-may-provide.html

THE POWER IS NOW MAGAZINE | MAY 2021

By Joe L. Fisher

YOUR WORLD OF TAXES:

UNDERSTANDING HOW PROPERTY TAXES WORK Shows like Fixer Upper and Good Bones on HGTV where homes are bought, renovated, and sold off for a profit have become such big motivators for individuals to own real estate. And while the benefits of being a property owner - wealth creation, income diversification, and the opportunity to leverage your investment - are great incentives, there is one factor that looms in the background: Property tax.

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roperty taxes are a prime source of income for governments - whether state or local - as they help to fund state budgets, including expenses on education, law enforcement, and other social amenities in the community. However, these benefits do not erase the fact that taxes can be such a nightmare for many property owners. And it need not be.

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Besides, while paying tax bills on time is a commendable act, without a proper understanding of the assessment process, i.e., how the calculations were arrived at, it would be almost impossible to notice when your tax assessment contains errors. To avoid this or determine how to handle such an eventuality, it is necessary to have a good grasp of property taxes. This breakdown will serve as a helpful guide.

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WHAT ARE PROPERTY TAXES? In simple terms, property taxes are compulsory contributions made by individuals and corporations on properties they own.

The local government where the property is situated regulates the amount paid by each property owner. However, the property has to be appraised by a tax assessor before an accurate estimate can be arrived at.

HOW IS A PROPERTY ASSESSMENT CONDUCTED? To come up with an accurate estimate of a property’s value, a tax assessor would consider one or all of the following factors: • • • • •

Selling rate of similar properties in the area.

Maintenance costs of the property.

Potential replacement costs.

Cost of improvements made on the property Property income and revenue.

CALCULATING PROPERTY TAX Regardless of the method a tax assessor employs, it is the current real estate market conditions that determine the estimated value of the property. To calculate property tax, multiply the assessed value of your property by the tax or millage rate.

It is important to note that the word ‘property’ as used here refers to real estate, that is, land and buildings. Also noteworthy is the fact that different properties attract different taxes based on their assessed value. Consequently, a constructed building would have a higher estimated value than a vacant lot.

WHAT FACTORS INFLUENCE CHANGES IN PROPERTY TAXES? Property taxes do not have fixed rates. Each local government determines the tax rates in its jurisdiction, and as expected, this figure varies across various localities. As long as the value of homes, land, and property remain subject to changing market trends, it would be impossible to have a fixed rate for property taxes. The fact that these taxes are utilized for the public good also means that changes in the local or state budget could reflect on your tax assessment.

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CONCLUSION A proper understanding of property taxes would reduce the complexities of filing tax returns and paying tax bills. With this in mind, it is advisable to learn about your obligations as a property owner, keep accurate records, and stay abreast of tax legislation in your locale. Taking these steps will enable you to navigate the world of property taxes with ease.

References: https://www.investopedia.com/terms/p/propertytax.asp

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THE POWER IS NOW MAGAZINE | MAY 2021

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THE REAL DANGER OF RELEASING GSES FROM CONSERVATORSHIP

Not too long ago, the Treasury decided that it was time to allow the two GSEs to retain most of their earnings in order to rebuild their capital reserves. That in addition to the administrative actions that were aimed at making the GSEs

private entities, meaning recapitalization and an end to conservatorship. This consequently led to a legislative action to resolve the GSE’s longstanding conflict of their identity and status. But, is this the right time?

Its been ten years since the last chaos in the housing industry. And in that time, we have lost memory of what happened. It has been ten quiet years and you know what happens in the good times, we forget! We forget about the mistakes that we made in the past that made us regretful and we let our guard down. Our forgetfulness is a costly risk!

When Mark Calabria entered office as the new director of the Federal Housing Finance Agency (FHFA), he had four main agendas;

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annie Mae and Freddie Mac are governmentsponsored enterprises (GSEs) and since their inception, they have played a significant role in the country’s housing finance industry. After the chaos that was in 2008-9, the Federal Housing Finance Agency took over the management of the GSEs’ assets and their business conceptconservatorship. Ever since these two entities have relied upon the government for their financial support. In addition, most of their earnings in turn have been to the Treasury that has a major stake in these two GSEs.

• • • •

Reduce the apparent risk exposure posed by the GSEs. To build a ‘safety net’ of regulatory capital held by the GSEs. To make FHFA into a world-class regulator.

To streamline the process of recapitalization of the GSEs ending the wardship state.

While the GSEs are still under conservatorship, much has already been done. In September of 2019, the Treasury and the Department of Housing and Urban Development made public the housing finance reform plans which codify the approach that seeks to prioritize both the congressional and administrative reforms. The plans also put forward quite strongly the commitment to the involvement of the Financial Stability Oversight Council (FSOC) and confirm that after the release from conservatorship, the GSEs would be recognized as important financial institutions in the country. Under Mark’s leadership, the FHFA and the GSEs have already undergone a wide range of programmatic changes and this includes an exit from the risky products and pilots and the institution’s commitment to balancing the playing field and also improving the competition in the secondary mortgage market.

One of the most seemingly visible changes to the GSEs under Mark is the plan to accumulate more capital. The GSEs are required to at least keep $280 billion in capital and in order to do this, the GSEs were allowed to retain their earnings and to these achievements, the FHFA is looking to add liquidity requirements in addition to the capital requirements. This proposal would add an additional $10 billion in liquidity to protect the

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GSEs against any potential pitfalls.

Over the last four years, the previous administration worked hard to make it a reality the release from conservatorship. This means the GSEs will return right back to the state they were in before the crisis in 2008-10.

With a new regime in place, there is a new face to these two GSEs. the new opportunity provided by the regime will help the GSEs return to conservatorship to support the delicate housing market in the country. The previous administration had managed to overturn the notion of GSE reform to give it back to the private stakeholders, rather than figuring out how best to help the GSEs through the government backstop in order to help the nation meet its delicate housing needs.

As we look forward to the future, let us not forget about the tough times that lie ahead. In some way, this recession resembles the last, only that it is caused by a pandemic. This is not the time to recapitalize the GSEs. releasing these companies as is without any reforms would be a big error which might return us to the position in which they were brought in. In addition, we should not look at the GSEs from a superficial perspective, rather they should be viewed as important utilities for the housing sector. For one, they provide equitable access to the long-term financing for residential real estate in the U.S., and secondly, they are extremely important in advancing access to mortgage in good and bad times.

Sources https://www.housingwire.com/articles/the-real-danger-ofreleasing-the-gses-from-conservatorship/

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Frazier Group Realty Inc. 3739 Sixth Street Riverside, CA 92501

“Your Real Estate Navigator” www.fraziergrouprealty.com rubyfrazier@fraziergrouprealty.com F: (714) 908-7298 Lic# 01751773

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O: (951) 686-5261

EXISTING HOME SALES RISE, BUT INVENTORIES HAMPER RESULTS

2021

started with a small surge in existing home sales compared to December 2020 levels, marking the second consecutive monthly gain. According to NAR, transactions on singlefamily homes, townhomes, condominiums, and co-ops surged 0.6% in January 2021 to a seasonally adjusted annual rate of 6.69 million units up from 6.76 million units in December 2020. January’s results were up 23.7% compared to the annual rate of 5.41 million sales in the same time last year.

Following January existing home report, home sales

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had surged in seven of the previous 8 months, while pending sales, which are considered a leading indicator for the next one or two existing home sales reports, posted losses in four straight months.

Single-family home sales were at a seasonally adjusted rate of 5.93 million, up 0.2% from 5.92 million in December, and a 23% year-over-year gain. On the other hand, condominium and co-op sales surged 4.1% from the previous month to a rate of 760,000 units, representing 28.8% annual growth.

THE POWER IS NOW MAGAZINE | MAY 2021

While much of the economy has suffered due to COVID-19, the housing sector has been one of the few bright spots, according to Yun. “Home sales are continuing to play a part in propping up the economy,” he said. “With additional stimulus likely to pass and several vaccines now available, the housing outlook looks solid for this year.”

Yun says he expects more jobs to return, which will spur homebuying in the coming months and predicts existinghome sales will reach at least 6.5 million in 2021. This will be despite an increase in mortgage interest rates due to the rising budget deficit and higher inflation.

Existing home sales in February 2021.

According to a March NAR report, existing home sales declined in February, after recording gains in the previous two months.

According to the report, total existing-home sales completed transactions that include singlefamily homes, townhomes, WWW.THEPOWERISNOW.COM

condominiums and co-ops, dropped 6.6% from January to a seasonally-adjusted annual rate of 6.22 million in February. Sales in total climbed year-over-year, up 9.1% from 5.70 million in February 2020.

“Despite the drop in home sales for February – which I would attribute to historically-low inventory – the market is still outperforming prepandemic levels,” said Lawrence Yun, NAR’s chief economist.

Yun further warned of a possible slowdown in growth in the coming months as higher prices and rising mortgage rates will cut into home affordability.

“I still expect this year’s sales to be ahead of last year’s, and with more COVID-19 vaccinations being distributed and available to larger shares of the population, the nation is on the cusp of returning to a sense of normalcy,” Yun said. “Many Americans have been saving money and there’s a strong possibility that once the country fully reopens, those reserves will be unleashed on the economy.”

Existing home sales in March 2021.

Work cited. http://www.mortgagenewsdaily. com/02192021_existing_home_sales.asp. https://www.nar.realtor/newsroom/ existing-home-sales-descend-6-6-infebruary.

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“Home sales continue to ascend in the first month of the year, as buyers quickly snatched up virtually every new listing coming on the market,” said Lawrence Yun, NAR’s chief economist.

“Sales easily could have been even 20 percent higher if there had been more inventory and more choices.”

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he U.S may be a free land where most people come to chase their dreams but at the same time it comes with a lot of wonders. Besides the racial disparities that are deeply rooted in the land, gender disparities are there too especially in the housing industry. This follows after it was recently established that even in the 21st century, women in some parts of the US pay more for mortgages than men when buying a house.

Own Up, a mortgage comparison site, analyzed Home Mortgage Disclosure Act (HMDA) data and found out that women pay more for mortgages in 49 out of the 50 US states. Alaska is the only exception. On the other hand, single women in Mississippi paid an average of 3.47% on a 30-year conventional fixed-rate mortgage in 2019, while single men on average paid 3.37%, according to data from HMDA. This means that single women in Mississippi paid roughly $7,000 more in mortgage payments compared to single men over the lifespan of the loan.

According to Patrick Boyaggi, CEO and founder of Massachusetts-based lending startup OwnUp, this issue hasn’t drawn enough attention in the mortgage space.

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largely being left out of the conversation,” Boyaggi said.

“Recent HMDA data confirms that discrimination in the homefinancing process is very real.

The main reason? Many female borrowers simply fail to shop around for the best possible rate, which translates into losing thousands of dollars over the total life of their loan.”

Boyaggi, however, admits his analysis is not exactly revelatory, and his intention is not to determine all the reasons women pay more. According to him It’s more important to acknowledge there’s a problem and take action.

WOMEN PAY HIGHER MORTGAGE RATES IN 49 STATES

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Florida (delta of $5,591) and New Jersey (delta of $5,515).

The analysis also established that single women paid an average of 3.21% while single men paid 3.23% in Alaska. The four other best states where women were not overpaying so much on mortgages were Maine, Wyoming, Montana and Oregon, where single women paid between 1 and 3 basis points more on mortgage rates than single men.

aware of it or believes it’s a real issue,” Boyaggi said. “We believe it is a systemic-wide problem… women are not being treated fairly…For us, it’s really about it not being 50-50. And therefore, it’s a systemic problem. Let’s bring that to light first and let’s start worrying about the solutions versus trying to nitpick as to why it is an issue. It is an issue. We know it’s an issue.

How do we make it better, versus trying to justify it or come up with some kind of rationale for it.”

The analysis of the HDMA data revealed five states where women pay more on mortgage which included Mississippi (delta of $7,077 over the course of the mortgage), Alabama (delta of $6,006), Ohio (delta of $5,856), WWW.THEPOWERISNOW.COM

Elsewhere, another 2016 Urban Institute (UI) study revealed that single women were better at settling their mortgages compared to single men, despite the rate difference. The study also established that single women borrowers are more likely to be minorities, from poorer areas, and often have a mortgage loan that takes a big share of their income.

WHAT CAUSES THIS? “One possible explanation is that women, particularly minority women, experience higher rates of subprime lending than their male peers,” the UI study said. “Another explanation is that women tend to have weaker credit profiles. We find that both these explanations are true and largely account for the higher rates.”

Asked the possibility of biasness against women borrowers, Guy

Cecala, CEO of Inside Mortgage Finance, in an interview with Wharton Business Radio in 2016 revealed that there ‘can be.’

“The mortgage market prides itself on being color blind, and essentially using a black box, but any sort of black box basically discriminates against single borrowers, lower-income borrowers and borrowers with lower credit scores. If those happen to be predominantly women, you have to assume that they are getting that kind of treatment from the mortgage market.”

WHAT’S THE SOLUTION? According to Boyaggi, more awareness simply needs to be raised.

“There’s a lot of things that happen in this industry where if you just looked at it you’d be like, ‘Oh 10 basis points, .010%. What are we talking about?’” he said. “But if you were to say, ‘Hey, this gas station charges women 10 cents more than men,’ we would be in an uproar. There would be stories about it everywhere, right? People would vilify that gas station, and rightly so.”

Work cited. https://www.housingwire.com/articles/ women-pay-higher-mortgage-rates-in49-states/.

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HERE’S HOW WE BUILD AN EQUITABLE HEALTH WORKFORCE

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he US is indeed a unique place, being a free land and at the same time being the place where most things are never shared equally among all communities. In the ongoing pandemic, there is a rhetoric that is going around that we are in this pandemic together. However, data clearly shows the opposite, as it has been revealed that the ongoing pandemic is affecting some communities more than others.

“It’s huge, it’s like a bombshell … I’ve talked to critical care docs and pulmonary docs who did not know this,” says Dr. Noha Aboelata, a physician and the CEO of Roots Community Health Center in Oakland, which primarily serves Black patients. Dr. Noha refers to a design flaw in many oximeters, a common medical device used to measure oxygen levels including in COVID-19 patients.

Research has established that most times, oximeters exaggerate oxygen saturation in patients of color, a defect that can be fatal when health workers are choosing between whether or not to hospitalize patients or provide them with additional oxygen. The flaw was first identified by UCSF researchers in a 2005 study and later in 2007.

outcomes for the minority or under-represented communities.

Elsewhere, a study by the Brookings Institute reveals that African-American and Latinx Californians are recording disproportionately high rates of COVID-19 deaths compared to the whites.

This is largely attributed to the adverse structural conditions faced by African-Americans that result in poorer health outcomes.

For instance, most African-Americans live in neighborhoods that have experienced decades of disinvestment and economic hardships due to redlining, resulting in unhealthy eating options, public safety investments, and economic opportunities. Moreover, African-American workers are more likely to work in jobs categorized as “essential,” exposing them to higher risks of contracting the coronavirus. The mixture of the factors stated above result in deadly outcomes.

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Something which was categorized as systematic racism, the research was largely ignored until deep in the middle of the COVID-19 pandemic, when some would say it is too late. Regarding this, some health experts such as Dr. Noha have attributed the oximeter design flaw to the higher rate of COVID-19 deaths among African-American patients.

“Now I really believe this is at least part of it,” Dr. Noha revealed in an interview early this year.

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Besides the said structural inequalities, African-Americans and Latin communities are underrepresented in the health workforce. This means that providers who do not understand their patients’ culture or race can indeliberately miss signs of serious conditions or fail to offer care that may be necessary, resulting in fatal outcomes.

WHAT CAN BE DONE? First, to deal with the underrepresentation of minority communities in the health workforce, our leaders must build a diverse and culturally competent health workforce.

To achieve this, the leaders should start focusing on making investments in the vulnerable and medically underserved communities.

Moreover, policymakers should WWW.THEPOWERISNOW.COM

focus on expanding health career pipeline programs for students from underrepresented communities. Some of these programs in California include the Health Career Connection and Alameda County Health Pathway partnership. These programs attract talented students of color into health care and public health careers and provide them with invaluable experience in the public health sector as well as open doors for them to pursue different careers in health policy.

Additionally, legislators in California in California should support the bill tabled by Sen. Melissa Hurtado that requires the state to establish a multiyear pilot program known as the California Medicine Scholars Program, which would provide a path for historically

underrepresented students in California’s community colleges to get enrolled in medical schools.

Moreover, our policymakers should also focus on preventing systemic bias in medical trials if we are to achieve racially equitable outcomes. We can’t afford to repeat what happened and what is still happening with pulse oximeters.

Dr. Noha, who has watched her community members suffer and die disproportionately, believes that “From a regulatory perspective, there must be something that can be done.”

Work cited. https://www.calhealthreport. org/2021/02/03/analysis-we-can-buildan-equitable-health-workforce-hereshow/.

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he Asian Pacific American heritage Month, now officially identified as Asian American and Pacific Islander (AAPI) Heritage Month is marked in the month of May. The period was set aside to celebrate the culture, traditions, and history of Asian-Americans and Pacific islanders in the US.

MAY IS ASIAN-PACIFIC HERITAGE MONTH: Here’s what you need to know about the Asian Community

HOW DID IT COME TO BE? In a 1978 joint congressional resolution, the Asian/ Pacific American heritage Week was established.

The first 10 days of May every year were picked to coincide with two important milestones in Asian/ pacific American history. The first important milestone is the arrival of first Japanese immigrants in the US on May 7, 1843; while the second one is the contributions of Chinese workers on the construction of the transcontinental railroad, which was completed on May 10, 1869.

Later in 1992, Congress extended the observance to a month-long celebration that is now known as the Asian American and Pacific Islander Heritage Month.

In a 1997 US Office of Management and Budget directive, the Asian or Pacific Islander racial category was divided into two categories: the Asian, Native Hawaiian, and Other Pacific Islander.

We have a few things you may need to know about the Asian/Pacific community below. All the figures refer to the Asian population in the US.

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WHAT YOU NEED TO KNOW ABOUT THE ASIAN COMMUNITY.

• Did you know that the estimated number of Asian alone- or in combinationresidents in the US was 22.9 million according to 2019 data? The estimated number of the Asian population of Chinese descent, exempting the Taiwanese, in the US was 5.2 million in 2019.

The Chinese population, exempting the Taiwanese, is the largest Asian group, followed by Asian Indian (4.6 million), Filipino (4.2 million), Vietnamese (2.2 million), Korean (1.9 million), and Japanese (1.5

million). For Native Hawaiian and Other Pacific Islanders alone or mixed, the number was 1.6 million.

• Moreover, the percentage of Asians alone or in combination (by combination I mean Asians who have mixed with other races or groups) who were military veterans was 2.5% in 2019, while that of Native Hawaiian and Other Pacific Islander was 7.2%.

• The percentage of Asian population alone or in combination aged 25 years or older who had a bachelor’s degree or higher

HOW TO CELEBRATE THE AAPI HERITAGE MONTH. Before we get into this, it’s important to admit that there has been a lot of misconceptions surrounding the AAPI community. Despite its diversity, some still often see the AAPI as members of a monolith— successful, proficient in math, winders of the “model minority” lottery, and so on.

However, the reality is far more complicated. To clear such misperceptions, the Smithsonian Asian Pacific Center (APAC) published a video last year titled ‘We Are Not a Stereotype.’ The video breaks down several topics including Asian-Black solidarity movements for liberation, the model minority myth, occupation of the Hawaiian Kingdom, among others. You can check out the video at WWW.THEPOWERISNOW.COM

level of education in 2019 was 54.6%, while that of Native Hawaiian and Other Pacific Islander was 23.8%.

• The percentage of Asian population alone or mixed aged 25 years and older who had at least a high school diploma or equivalency was 88.3% in 2019, compared to 88.7% for native Hawaiian and Other Pacific Islander.

• Did you also know that the estimated number of Asianowned employer firms in the US was 577,835 in 2018, while Native Hawaiian and Other Pacific Islander was 6,653?

Smithsoniapa.org. The vide is also recommended to teachers, parents, and other caregivers who teach. Watching the video would be a great way to honor the AAPI Heritage Month.

Other activities you can engage in this AAPI Heritage Month include reading books on AAPI history with your kids or siblings, have a watch party with your family, and visit a museum virtually to learn more about the history of AAPI. Work cited. https://www.census.gov/newsroom/facts-for-features/2021/ asian-american-pacific-islander.html. https://data.census.gov/cedsci/table?q=ACSSPP1Y2019.

S0201&t=-02%20-%20All%20available%20basic%20races%20 alone%20or%20in%20combination&tid=ACSSPP1Y2019.

S0201&hidePreview=false

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CELEBRATING CINCO DE MAYO IN STYLE

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inco de Mayo, or the Fifth of May in English, is a Mexican holiday celebrated in some parts of Mexico and the US to commemorate the date of the Mexican’s army May 5th, 1862, victory over the French forces of Napoleon III in a battle known as the Battle of Puebla during the Franco-Mexican war. In other words, Cinco de Mayo is the Anniversary of the Battle of Puebla. While it may be a relatively minor holiday in Mexico, Cinco de Mayo had evolved into a commemoration of the Mexican culture and heritage in the US, particularly in areas dominated

by Mexican-American communities. However, it’s worth noting that Cinco de Mayo is not a celebration of Mexican Independence Day; rather, it’s a celebration of a single battle won by Mexican forces.

A BRIEF HISTORY OF CINCO DE MAYO At this particular time, Mexico was in financial ruin after years of internal strife, which forced the then-president Benito Juárez to default on debt payment to European authorities. Reacting to this, France, Britain, and Spain sent their naval forces to Veracruz to demand the payments. Britain and

Spain negotiated with Mexico and withdrew their forces.

France, under Napoleon III, saw this as an opportunity to carve an empire out of the indebted Mexican territory.

In late 1861, a well-armed fleet of French army stormed Veracruz and landed a massive force of troops, forcing President Juárez and his government to retreat.

Excited by the move and certain victory would come swiftly, 6,000 French troops under Genera; Charles Latrille de Lorencez set out to attack Puebla de Los Angeles, a small town in east-central Mexico.

From his new northern headquarters, President Juárez gathered a ragtag force of 2000 loyal men, with most of them being indigenous Mexicans or of mixed ancestry, and sent them to secure Puebla led by Texas-born General Ignacio Zaragoza.

The outnumbered and poorly supplied Mexicans fortified Puebla and prepared for the French assault.

On May 5, 1862, the heavily armed French troops gathered before Puebla and led an assault.

The battle lasted from daybreak to early evening when the French troops retreated after losing nearly 500 soldiers compared to less than 100 Mexicans who had died in the clash.

While the victory at the Battle of Puebla wasn’t a major strategic win in the overall war against the French, Zaragoza’s success at the May 5 battle marked a significant symbolic victory for the Mexican government and strengthened the resistance movement. France later withdrew from Mexico in 1867, thanks to the military support and political pressure from the US, which was eventually in a position to come to aid its needy WWW.THEPOWERISNOW.COM

neighbor after battling its Civil War. Later on, Puebla de Los Angeles was renamed for General Zaragoza, who died of typhoid fever months after his historic triumph.

HOW TO CELEBRATE CINCO DE MAYO AMID THE PANDEMIC. This year, same as last year, maybe a bit different since we are still in the middle of a deadly pandemic. But still, that doesn’t mean you should sit around and do nothing on the Fifth of May. One way you can celebrate Cinco de Mayo this year is by supporting your local Mexican restaurant. Although some businesses have unfortunately closed down, there is a chance you will find a nice local spot for tacos, tamales, or taquitos. If none, you can consider trying out one of the Mexican restaurants offering delivery services.

You should also consider tuning in to some mariachi music this 5th of May. Alternatively, remember to support your local mariachi musicians whose source of income was cut off by the pandemic.

Additionally, consider making some donations to some cultural centers in your area to help them stay afloat until the return of normalcy.

For those around California, some cultural centers in the area include the Museum of Latin American Art in Long Beach and the Mexican Cultural Center of Northern California.

Work cited. https://www.history.com/topics/holidays/ cinco-de-mayo. https://www.latimes.com/lifestyle/story/202005-05/5-ways-to-celebrate-cinco-de-mayo-athome. l

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very American deserves the chance to live the American dream of homeownership. And if there is anyone or any category of people who deserves to live the dream better than anyone else are our veterans. The veterans dedicated their lives to defend our country and keep every American safe from any external threats and it would be justifiable to say that every American owes them one. They served us, and they deserve to live the American dream of homeownership. As we mark this year’s Memorial Day on May 31st, we want to enlighten our veterans about a few things about the Veteran homeownership assistance program.

MEMORIAL DAY:

About Veteran Homeownership Assistance Program

Regarding this, the Department of Veterans Affairs (VA) has a couple of programs in form of home loans and grants that are meant to help service members, veterans, and surviving spouses buy, refinance, or modify their homes.

Since the VA backs a part of the loan— meaning they cover a portion of the loan if you fail to pay— lenders are able to offer more favorable terms to veterans, serving members, or surviving spouses. The VA veteran homeownership assistance programs also offer customized assistance to veterans who are older, homeless, or disabled.

SO, WHO IS ELIGIBLE FOR THESE VETERAN HOMEOWNERSHIP ASSISTANCE PROGRAMS? HOW TO QUALIFY. First and foremost, you must meet the credit income requirements and have a Certificate of Eligibility (COE). You can apply for your COE online at www.ebenefits.va.gov.

Moreover, you can still get your COE if you were discharged from service for one of the reasons listed below: • • •

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Hardship, or The convenience of the government (you must have served at least 20 months of a 2-year enlistment), or Early out (you must have served 21 months of a 2-year enlistment), or Reduction in force, or Certain medical conditions, or A service-connected disability (a disability-related to your military service)

THE POWER IS NOW MAGAZINE | MAY 2021

Also, you can get a COE if you’re the surviving spouse of a veteran, or the spouse of a veteran who is missing in action, or a veteran who is being held as a prisoner of war.

Having acquired your COE, you can proceed to apply for a VA home loan or housing-related assistance online through the VA website, through your lender, or by mail.

VA HOME LOAN OPTIONS. VA offers several loan options depending on your needs. The first one is the VA direct home loan where the VA acts as your lender. This means if you choose this loan option, you’ll work directly with VA to apply and manage your home loan. Other VA loan options include; • •

•

•

Purchase loan- suitable if you’re looking to buy a home.

Native American Direct Loan (NADL) programcustomized for Native American Veterans and Veterans married to Native Americans.

Interest Rate Reduction Refinance Loan (IRRRL)designed for veterans with an existing VAbacked home loan. This loan option is designed to refinance existing VA home loans to help veterans reduce their monthly payments and stabilize them. If you’re a veteran with an existing VA loan, the IRRRL will help you save money with a better interest rate.

Cash-out refinance loan- this loan option is designed to help veterans make money out of their home equity to aid in debt payment, college fees, or cater for other expenses.

One thing worth noting is that the most common VA loan option is the purchase loan. This is because it requires no down payment and no private mortgage insurance. Nevertheless, nearly 90% of VA-backed loans do not require a down payment.

DISABLED VETERANS. If you have a service-connected or age-related disability, you may qualify for a VA veteran housing grant that will help you modify your home to suit your disability and enable you to live more independently. If you fall under this, consider applying for special housing grants from VA that include Specially Adapted Housing (SAH) grant and WWW.THEPOWERISNOW.COM

SPECIAL HOUSING ADAPTATION (SHA) GRANT. You’re eligible to get a SAH if you’re looking to use the money to buy, build, or change your permanent home and if you own or will own the home, and if you have a qualifying service-connected disability.

The current total maximum mount allowed for SAH grants is $100,896.

On the other hand, you’re eligible to get an SHA grant if you’re looking to use the grant money to buy build, or change your permanent home and you or a family member own or will own the home, and if you’ve got a qualifying service-connected disability. For the SHA grant, you can get up to $20,215 for the financial year 2021.

What if you qualify for SAH or SHA grant you’re living temporarily in a family member’s home?

In this case, you can get a Temporary Residence Adaptation (TRA) grant. If you qualify for SAH, you can a TRA grant amounting to $40,637, and if you qualify for an SHA grant, you can get a TRA grant amounting to $7,256 in 2021. TRA grant can cater for the necessary changes needed in your relative’s home.

For more information on veteran homeownership assistance programs, visit www.usa.gov/veteranhousing. Additionally, there are several state-run veteran-friendly home loan programs carried out in most states across the country including Alaska, California, Colorado, Illinois, and Indiana, among others. You can find them at www. militarybenefits.info/veteran-home-loan-programs.

As we commemorate this year’s Memorial Day, make sure you consider applying for these veteran homeownership assistance programs. And if you know a veteran in your neighborhood who may be struggling especially amid this pandemic, please inform them of these government’s veteran homeownership assistance programs and that might go a long way.

Work cited. https://www.usa.gov/veteran-housing. https://militarybenefits.info/veteran-home-loan-programs/. l

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HOME OWNERSHIP

by Eric Lawrence Frazier MBA Home ownership brings stability to individuals and families who have never had a dwelling place that they could call their own. There is something special about owning real estate that is unlike anything else on earth you can own.

Real Estate you own is not like cars that decay over time and you have to replace them.

Real Estate you own is not like clothes that go out of style and you have to buy new ones.

Real Estate you own is not like expensive vacations or experiences that only last a moment in time.

Real Estate you own is not like an apartment where the landlord may increase the rent until it’s no longer affordable.

Real Estate you own is not like staying at your parents house where you know can’t stay forever.

Home ownership is the beginning of wealth that increases over time and becomes your estate & legacy Home ownership is the pride of a mother nurturer and the kitchen her domain Home ownership is the pride of a father provider and protector of his territory and family.

Home ownership is the foundation of permanence and the place where life happens, birthdays celebrated, deaths mourned.

Home ownership is the place you build memories that can never be taken from you.

Memories etched in walls and concrete, experienced in rooms and floors, Memories living in trees and shrubs planted by your hand.

Howe ownership is the manifestation of you - your style, your colors, your smell, your stuff, your junk, your memories, your yard and your spaces, your life.

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It’s the height markers on your first child’s bedroom wall.

It’s the hearts drawn in the concrete slabs when you pour your patio floor It’s the birthday parties, and anniversaries in the living room and kitchen.

It’s the back yard barbecue with friends, neighbors and family contentions it’s the high school and college graduation, and wedding receptions Its’ the family nights and block parties and the fellowship of family connections

Home ownership It’s more than real estate. Land, brick and mortar, wood frame construction and chicken wire.

It’s more than money saved, gifts recieved and grants obtained It’s more than the debt you incur to buy it.

It’s more than the payments you make to own it.

It’s more than the appreciation that comes with keeping it over time.

It’s memories, it’s family, and it’s life that can happen in one place Until you say it’s time to move.